Daily Forecast for Crosses: February 11

on February 10 2010 10:25 PM

EURJPY Forecast

The EURJPY had a volatile but indecisive movement yesterday. The bias is neutral in nearest term but as you can see on my h4 chart below price still move in minor bullish channel indicating the bullish correction scenario targeting 125.15 – 126.89 remains intact. Immediate support at 123.00 and the lower line of the bullish channel. Break below that area should trigger further bearish momentum towards 122.00 even 120.69 in longer term. Traders focus will be on Brussels summit today. If EU able to deliver a convincing answer to help Greek, Euro should continue the rally. If not, price should be heading lower.

GBPJPY Forecast

The GBPJPY attempted to push higher yesterday, topped at 141.40 but closed lower at 140.22. This fact should lead us into a range trading area of 141.50 – 139.30 in nearest term. The bias is neutral in nearest term and I think the best strategy is to short around 141.50 or long around 139.30 with a tight stop loss. Break on either side should give us clearer direction.

AUDUSD Forecast

The AUDUSD had a significant bullish momentum earlier today in Asian session following a big positive surprise on employment data. Technically on h4 chart below, the bearish channel has been violated to the upside indicating bearish failure and a beginning of a new bullish phase. However I think price need to able to break above 0.8910 area to continue the bullish scenario targeting 0.9040 area. I am expecting a range area of 0.8910 – 0.8780. I am planning to short around 0.8910 or long around 0.8780 with a tight stop loss.

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