Daily Forecast for Crosses: November 26

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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EURJPY Forecast
The EURJPY attempted to push lower yesterday, slipped below my short target at 131.75, bottomed at 131.49 but closed higher at 132.19. The bias is neutral in nearest term as I am anticipating range area of 132.83 – 131.75 today. Break on either side should give us clearer direction towards 130.65 or 133.60 area. I prefer a bearish scenario and expecting breakdown below 131.75. However, note that false breakdown below 131.75 yesterday could produced upside momentum, so do not rush jump into the market.

GBPJPY Forecast
The GBPJPY continued its bearish momentum yesterday, bottomed at 145.62 and closed at 145.83. The bias remains bearish with 144.60 as potential technical bearish target. However CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback testing 146.40 area. Break above that area should lead us into no trading zone and price might retreat towards 147.66 area but as long as price stay below 148.50, I prefer a bearish scenario.

AUDUSD Forecast
As I had expected, the AUDUSD had a bullish momentum yesterday, topped at 0.9321 and closed at 0.9317. We had some bearish pullback earlier today in Asian market, but that is normal for me, even good, give me opportunity to find lower price to buy. As long as price move in the bullish channel area, the bias should remains bullish. Technically we have important resistance around 0.9327 area. Break above that area should trigger further bullish momentum targeting 0.9404 area.