Daily Forecast for Crosses: February 17

By @ibtimes on

EURJPY Forecast

The EURJPY still able to maintain its intraday bullish bias yesterday but still unable to make a clear break above 113.50 so far. The bias remains bullish in nearest term especially if price able to make a clear break above 113.50 targeting 113.99 before testing 114.90 this week. On the downside, another move back below 113.00 would change the intraday bias to bearish testing 112.08 and would lead us back to range condition but as long as price stays above 110.80 overall we are still in strong bullish outlook after the break above the trend line resistance as you can see on my h4 chart below.

GBPJPY  Forecast

The GBPJPY was corrected lower yesterday, bottomed at 134.16 and closed at 134.56. The bias is bearish in nearest term but still within a context of a strong bullish scenario. In fact, 134.20 area seems to be a good place for a long position as there is a very good risk –reward ratio there. A clear break below 134.20 would continue the intraday bearish view testing 133.50 and lead us back to range condition, even potentially create a false breakout scenario which could trigger significant bearish momentum. On the upside, a clear break above 135.44 would continue the bullish scenario targeting 136.50 and 137.75.

AUDUSD Forecast

The AUDUSD failed to continue its bearish pressure yesterday after found good support around the lower line of the rising wedge formation. The bias is neutral in nearest term. On h4 chart below we can see price is consolidating, move between 1.0070 – 0.9942 and need a clear break on either side to see clearer direction. Break above 1.0070 would change the intraday bias to bullish testing 1.0140 – 1.0200/56 (all time high) while a clear break below 0.9942 would change the intraday bias to bearish testing 0.9870 – 0.9800 support area.

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