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Daily Forecast for Crosses: April 25

Daily Forecast for Crosses: April 25
Monday, April 25th, 2011 @ 4:27 am by Setyo Wibowo

About Setyo Wibowo:

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 was indecisive on Friday. As you can see on my hourly below the minor trend line resistance (white) still provide a good resistance after the fall from 123.31. The bias is neutral in nearest term. Another move back below 119.30 could trigger further downside pressure testing 118.61 – 118.00 support area. Immediate resistance at 120.00. A clear break above that area would change the intraday bias to bullish testing 120.50 but only a clear break above 120.50 could end the current bearish phase testing 123.31.

GBPJPY  Forecast
The GBPJPY was indecisive on Friday. On hourly chart below we can see price is moving in a rectangle area of 135.93 – 134.69 indicates sideways condition and need a clear break from either side to see clearer intraday direction. A clear break above 135.93 could trigger further bullish pressure testing 137.00 while a clear break below 134.69 could continue the bearish phase since the failure to make a clear break above 139.67 testing 133.50/00 support area.

AUDUSD Forecast
The AUDUSD didn’t make significant movement on Friday. The bias is neutral in nearest term but overall price is still in a strong bullish outlook. We had some downside pullback earlier today in Asian session testing 1.0684 support area as you can see on my daily chart below. A clear break below that area could trigger further bearish correction testing 1.0581 but I think the overall bias remains strongly to the upside and I see no sign of potential significant technical bearish view so far and unless price move back below 1.0581 the technical bias remains strongly to the upside testing 1.0850 – 1.0900.

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