Daily Forecast for Crosses: February 08

By @ibtimes on

EURJPY Forecast

The EURJPY made another indecisive movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see there were buyers around 110.80 – 111.60 support area which should keep the bullish outlook intact and only a clear break below that support area could be a serious threat to the bullish outlook. On the upside, immediate resistance at 112.18 (yesterday’s high). Clear break above that area could trigger further bullish pressure testing 113.00 but we need a clear break above 113.00 to continue the bullish scenario targeting 114.90 this week.

GBPJPY  Forecast

The GBPJPY slipped above 133.00 key resistance area yesterday but unable to consistently move above that area so far. The bias is neutral in nearest term. Overall we are still in bullish phase and I am expecting another upside pressure above 133.00 targeting 134.20. Immediate support at 132.22. Break below that area could trigger further bearish pullback and keep us in a range market outlook between 133.00 – 129.30.

AUDUSD Forecast

The AUDUSD made another volatile but indecisive movement yesterday, made another Doji on daily chart. The bias is neutral in nearest term but still within a context of a strong bullish phase re-testing 1.0256. On h4 chart below we can see the lower line of the minor bullish channel still did a good job preventing further downside pressure. Immediate resistance at 1.0160.  Clear break above that area would turn the intraday bias to bullish testing 1.0200 – 1.0256 resistance area. On the downside, a clear break below the bullish channel and 1.0100 could trigger further bearish pullback testing 1.0050 – 1.0020 support area.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion