Daily Forecast for Crosses: March 09

By @ibtimes on

EURJPY Forecast

The EURJPY made another volatile but indecisive movement yesterday, formed another Doji on daily chart. Three Dojis in the last three days as you can see on my daily chart below suggests that price is now in consolidation phase, but still within a context of a bullish scenario after the breakout above the range area at least testing 116.35. There are no changes in my daily technical outlook and I think the best strategy for now is to remain long around 114.00.

GBPJPY  Forecast

The GBPJPY didn’t make significant move yesterday. The bias is neutral in nearest term and there are no changes in my daily technical outlook. Overall price is still moving in a sideways condition without clear direction and consistent momentum but I think still with more upside bias especially if price able to make a clear break above 134.20 retesting 135.50. On the downside, 132.50 remains a key support area at this phase. Aggressive intraday traders can long around 132.50 with stop loss below 131.75 while conservative traders can long around 131.75 (the lower line of the bullish channel) with smaller stop loss.

AUDUSD Forecast

The AUDUSD still able to maintain its bearish correction bias so far and now testing the lower line of the rising wedge formation indicates a critical technical point. A clear break and a daily close below the wedge and 1.0030/50 could continue the bearish correction scenario at least testing 0.9942. Immediate resistance at 1.0140. A clear break above that area would change the intraday technical bias to bullish retesting all time high at 1.0256 but that level should remain a strong resistance area and aggressive traders can still short around that level due to a good risk – reward ratio and psychological reason.

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