Daily Forecast for Crosses: March 07

By @ibtimes on

EURJPY Forecast

The EURJPY attempted to push higher on Friday, topped at 115.95but closed lower at 115.11 and hit 114.80 earlier today in Asian session. The bias is neutral in nearest term but as long as price stays above 114.00 I prefer a bullish scenario at this phase with the nearest bullish target around 116.35 (50% Fibo retracement of 127.88 – 105.42).  I am interested to buy around 114.00 as I see a good technical set up and risk – reward ratio there.

GBPJPY  Forecast

The GBPJPY attempted to push higher on Friday, topped at 135.15 but whipsawed to the downside, back below 134.20 and hit 133.46 earlier today in Asian session. The bias is bearish in nearest term testing 132.50 but my medium term outlook remains neutral as price still move in a sideways condition. On the upside, another move above 134.20 would change the intraday bias to bullish but only a clear break above 135.50 strong/key resistance area would lead us to a new bullish phase.

AUDUSD Forecast

The AUDUSD has been moving in a range condition in the last two weeks indicates a consolidation phase while price still struggling around the trend line resistance  (white) as you can see on my daily chart below. The major technical outlook remains bullish aiming for new all time high levels but the current all time high at 1.0256 could be a strong resistance at this phase while the rising wedge formation still provide a downside risk especially if price able to make a clear and convincing break below the wedge. Immediate resistance at 1.0157 (current high). A clear break above that area would trigger further upside pressure retesting 1.0256. Immediate support at 1.0030/50 and the lower line of the rising wedge formation which could be a key support area at this phase.

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