Daily Forecast for Crosses: February 25

 @ibtimes
on February 24 2010 8:54 PM

EURJPY Forecast

The EURJPY didn’t make significant movement yesterday indicating consolidation. The nearest bias is neutral but I still prefer a bearish scenario with sell on rallies strategy since the bullish channel violation indicates bullish failure testing 120.69 area. Immediate resistance at 122.59 (yesterday’s high). Break above that area should lead us into no trading zone as direction would become unclear.

GBPJPY Forecast

The GBPJPY was indecisive yesterday indicating consolidation but overall I still prefer a bearish scenario after violation of the bullish channel indicates bullish failure, testing 138.23 area before aim for 137.30 area. Immediate resistance at 139.57 – 139.90 area. Break above that area should lead us into no trading zone as direction would become unclear.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.8856 but closed significantly higher at 0.8934. This fact should lead us in no trading zone in nearest term. I still prefer a bearish scenario since the bullish channel violation indicates bullish failure but we need a consistent move below 0.8910 area to continue bearish scenario targeting 0.8780 area. Immediate resistance at 0.8980 followed by 0.9040.

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