Daily Forecast for Crosses: March 14

By @ibtimes on

EURJPY Forecast

The EURJPY slipped below 114.00 on Friday after the earthquake and Tsunami in Japan triggered broad Yen strength, but price recovered quickly to the upside and now back above 114.00. The market sentiment during a natural disaster can change very fast to the opposite direction and the fact that price able to move back above 114.00 keeps my bullish outlook intact with nearest bullish target remains around 116.35. On the downside, only a daily close below 114.00 would be a serious threat to my bullish outlook at least testing 113.00 support area.

GBPJPY  Forecast

The GBPJPY had a significant bearish momentum on Friday, broke below the bullish channel as you can see on my daily chart below. This bearish momentum was triggered by a broad Yen strength after the earthquake and Tsunami in Japan. While technical outlook has change to a bearish view now targeting 129.50, things can be very tricky now as market sentiment to a natural disaster can change quickly to the opposite direction. Immediate resistance at 132.90. A clear break above that area would change the intraday bias to bullish testing 133.70 and 134.20 resistance area.

AUDUSD Forecast

The AUDUSD attempted to push lower on Friday, bottomed at 0.9967, but whipsawed strongly to the upside topped at 1.0157 and traded lower around 1.0080 at the time I wrote this comment earlier today in Asian session. My intraday outlook is a little bit mess. My intraday bias is neutral now and I don’t think now is the best time to trade. I’m only interested to short around 1.0256 due to a good risk – reward ratio there or reactivate my bearish mode on a clear break below the rising wedge formation and a daily close below 1.0030 targeting 0.9942 – 0.9865. On the upside, a clear break above 1.0256 would triggered further bullish scenario aiming for new all time higher which is projected around 1.0300 – 1.0500.

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

.

Join the Discussion