Daily Forecast for Crosses: February 25

By @ibtimes on

EURJPY Forecast

The EURJPY made another volatile but indecisive movement yesterday. The bias remains neutral in nearest term. There are no changes in my daily technical outlook where overall price still trapped in range area of 110.80 – 114.00. Do not rush jump into the market. 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.  Aggressive intraday traders can long around 112.08 with stop loss below 110.80 while conservative traders can long around 110.80 with smaller stop loss, with the same target around 114.00 even higher.

GBPJPY  Forecast

The GBPJPY continued its bearish intraday bias yesterday, bottomed at 131.48 and closed at 132.16. The bias remains bearish in nearest term targeting 130.50 especially if price able to make another strong break below 131.48. Immediate resistance at 132.50. A clear break above that area would lead us to neutral zone in nearest term and only a clear break above 133.15 would change the intraday bias to bullish testing 134.20.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday, topped at 1.0122 and hit 1.0135 earlier today in Asian session. The bias remains bullish in nearest term still targeting 1.0150 – 1.0256. However, as you can see on my h4 chart below, watch out for a potential resistance around 1.0150 and the trend line resistance (white). A clear break above the trend line resistance would open the door for further bullish scenario, aiming for new all time highs. The rising wedge bearish correction/reversal scenario remains intact in longer term outlook, but would need a clear break below the wedge to confirm that scenario. Judging by the size of the wedge, which still give more rooms for potential bullish running, the intraday bullish bias could still continue in near future.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion