Daily Forecast for Crosses: February 23

By @ibtimes on

EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. On h4 chart below we can see that overall price still moving in a range market between 114.00 – 110.80 and need a clear break on either side to see clearer direction. I still prefer a bullish scenario since the break above the trend line resistance but only a clear break above 114.00 would reactivate my bullish mode targeting 114.90 even higher. Immediate support at 112.08. A clear break below that area would open the door for further bearish pressure testing 110.80.

GBPJPY  Forecast

The GBPJPY had a significant bearish momentum yesterday after clearly broken below 134.20, bottomed at 133.24. Price bounced higher earlier today in Asian session hit 134.10 but as long as price stays below 134.20 the intraday technical bias remains bearish especially if price able to make another break below 133.15 targeting 132.50. On the upside, another move back above 134.20 would change the intraday bias to bullish testing 134.86 – 135.50 key resistance area.

AUDUSD Forecast

The AUDUSD continued its bearish momentum yesterday, but still found a good support around the lower line of the rising wedge formation as you can see on my h4 chart below. We would need a clear break below the wedge and 0.9942 support area to continue the bearish correction at least targeting 0.9800. Immediate resistance remains around 1.0070. A clear break above that area would change the intraday technical bias to bullish re-testing 1.0150 area and keep the major bullish scenario remains strong, aiming for new all time highs.

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