Daily Forecast for Crosses: March 02

By @ibtimes on

EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. Price attempted to push higher, topped at 113.71 but whipsawed to the downside, closed at 112.82 and hit 112.52 earlier today in Asian session. This fact keeps price in a sideways outlook between 114.00 – 110.80. As you can see on my daily chart below, beside the major range area between 114.00 – 110.80, there is a minor range area between 114.00 – 112.08. Aggressive traders can still long around 112.08 with stop loss below 110.80 while conservative traders can still long around 110.80 or short around 114.00 with tight stop loss.

GBPJPY  Forecast

The GBPJPY attempted to push higher yesterday, but failed to make a break above 134.20 and whipsawed to the downside, closed at 133.19 and hit 132.80 earlier today in Asian session. This fact keeps the intraday bearish outlook intact since the breakdown below the trend line support still targeting 131.00 – 130.50 especially if price able to make another strong break below 132.50 support area where some strong buying activities were seen as you can see on my h4 chart below. Aggressive traders can long around 132.50 with a tight stop loss and reverse to a short position if price able to make a clear break below 132.50. On the upside, a clear break above 134.20 would change the intraday bias to bullish retesting 135.50 key resistance area.

AUDUSD Forecast

The AUDUSD was corrected lower yesterday on a broad US Dollar strength, bottomed at 1.0121 and hit 1.0084 earlier today in Asian session. On daily chart below we can see price unable to make a consistent move above the trend line resistance (white) indicates a limited bullish pressure so far with potential downside correction testing 1.0050 and the lower line of the rising wedge formation. A clear break below the rising wedge formation would trigger further bearish pullback testing 0.9942 key support area which would even open the door for a bigger downside correction scenario. Immediate resistance at 1.0150. A clear break above that area would change the intraday bias to bullish retesting the all time high 1.0256. Although the major bullish outlook remains strong, note that all time high level could be a very strong resistance and the bearish correction/reversal warning showed by the rising wedge formation can not be ignored.

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