Daily Forecast for Crosses: February 24

By @ibtimes on

EURJPY Forecast

The EURJPY made another volatile but indecisive movement yesterday. The bias remains neutral in nearest term. Overall I still prefer a bullish scenario but would need a clear break above 114.00 to reactivate my bullish mode targeting 114.90 – 115.65. Immediate support at 112.80. A clear break below that area would change the intraday bias to bearish testing 112.08 but as long as price stays above 110.80 the major scenario remains to the upside.

GBPJPY  Forecast

The GBPJPY slipped above 134.20 yesterday, but closed back below that resistance area and now seems ready to retest 133.15, suggests that the intraday bearish bias remains strong. A clear break below 113.15 would trigger further bearish pressure testing 132.50 – 132.00 support area. On the upside, another move above 134.20 would change the intraday bias to bullish testing 134.86 – 135.50.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday, topped at 1.0058 and now struggling around 1.0070. The bias is bullish in nearest term especially if price able to consistently move above 1.0070 targeting 1.0150 even testing all time high at 1.0256. Immediate support at 1.0000 followed by 0.9942. Although the overall bias remains strongly to the upside, note that the bearish correction warning indicated by the rising wedge formation remains valid

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