Daily Forecast for Crosses: March 04

By @ibtimes on

EURJPY Forecast

The EURJPY made a significant break above 114.00 yesterday, topped at 115.15 and closed at 115.03. The bias is bullish in nearest term targeting 115.65 even higher. As you can see on my daily chart below, the range area between 110.80 – 114.00 (23.6% and 38.2% Fibo retracement of 127.88 – 105.42) has been broken to the upside indicates potential bullish continuation scenario. Above 115.65, next bullish target is around 116.35 (50% Fibo retracement of 127.88 – 105.42). Immediate support at 114.50. A clear break below that area would lead us to a neutral zone in nearest term but as long as price stays above 114.00 the major scenario remains bullish.

GBPJPY  Forecast

The GBPJPY continued its bullish momentum yesterday and now testing 134.20 resistance area as you can see on my h4 chart below. The bias is bullish in nearest term but note that price still trapped between 134.20 – 132.50 and aggressive intraday traders can still short around 134.20 with tight stop loss. A clear break above 134.20 would trigger further upside momentum targeting 135.50. Immediate support at 133.20. A clear break below that area would change the intraday bias to neutral testing 132.50 and only a clear break below 132.50 would change the intraday bias to bearish. Aggressive intraday traders can still long around 132.50 with tight stop loss.

AUDUSD Forecast

The AUDUSD has been moving in a range condition this week, form a Doji formation on weekly chart so far indicating indecisive movement. Price also still struggling around the trend line resistance (white) and there is no winner so far. Although overall technical bias remains strongly to the upside retesting all time high at 1.0256, intraday bias shows more bearish bias retesting 1.0070 and the lower line of the rising wedge formation. A clear break below the rising wedge formation could trigger further bearish pullback testing 0.9942 even could create a bigger bearish correction. On the upside,  a movement above 1.0256, could trigger further bullish momentum testing new all time high projection which could be seen around 1.0400 – 1.0500.

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