Daily Forecast for Crosses: November 20
By swibowo | November 20, 2012 7:49 PM EST
The EURJPY was indecisive yesterday but overall still able to maintain its bullish intraday bias. My medium term bias remains neutral and I think 104.40/50 remains a good place to sell with a tight stop loss. Immediate support is seen around 103.50. A clear break below that area could lead price to neutral zone in nearest term testing 103.00 – 102.80. On the upside, a clear break and daily close above 104.40/50 could trigger further bullish pressure testing 105.50.
The GBPJPY failed to continue its bullish momentum yesterday. I still prefer a bullish scenario but hourly chart outlook suggest an overbought condition after hit 129.50 key resistance so watch out for potential bearish pullback. Immediate support is seen around 128.90. A clear break below that area could trigger further bearish pullback testing 128.20/00. On the upside, a clear break and daily close above 129.50 could trigger further bullish pressure testing 130.00 – 131.75 this week.
The AUDUSD regained its bullish momentum yesterday and hit 1.0423 earlier today. The bias is bullish in nearest term testing 1.0475 – 1.0500. Immediate support is seen around 1.0375. A clear break below that area could lead price to neutral zone in nearest term testing 1.0350/00. My medium term outlook remains neutral with potential wide range between 1.0610 – 1.0170.
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