The EURJPY was indecisive yesterday but still able to maintain its bearish correction bias and hit 120.17 earlier today in Asian session. The bias is bearish in nearest term testing 119.30 but note that the current bearish intraday outlook should be seen as a counter trend/corrective move and the major bullish scenario remains intact. Immediate resistance at 121.20/40 area. A clear break above that area would lead us to neutral zone in nearest term and could create some upside pressure testing 122.59 but only a clear break above 122.59 could end the current bearish correction phase.
The GBPJPY attempted to push higher yesterday, topped at 137.19 but closed lower at 136.27 and hit 135.51 earlier today in Asian session. The bias is bearish in nearest term still targeting 135.00. A clear break below 135.00 could be a threat to the bullish scenario and could be a beginning of a new bearish phase at least testing 133.50. Immediate resistance at 136.40. A clear break above that area would lead us to neutral zone in nearest term 137.19/50 resistance area.
The AUDUSD made another indecisive movement yesterday. The bias remains neutral in nearest term. There are no changes in my daily outlook where price still in a major bullish outlook but seems to be in overbought area suggests by the CCI bearish divergence like I showed you on my daily chart yesterday. On hourly chart below we have a rising wedge bearish formation which support the CCI bearish divergence view especially if price able to make a clear break below the wedge and 1.0450 targeting 1.0330 support area. However note that any downside pullback now is normal and should be seen as a counter trend/corrective move and the major bullish outlook remains intact. Immediate resistance at 1.0538. A clear break above that area would change the intraday bias to bullish testing 1.0581 even aiming for new all time high projection around 1.0700.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.