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Daily Forecast for Crosses: February 08

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02/07/2010 07:45

EURJPY Forecast
The EURJPY made indecisive movement on Friday. On h4 chart below we have a hammer formation indicating potential upside pullback after significant bearish momentum on Thursday, especially if price able to move consistently above 122.10, testing 123.30 today. Initial� support at 120.69 (Friday�s low). Break below that area should continue the bearish scenario towards 117.50 in longer term.

GBPJPY Forecast
The GBPJPY attempted to push lower on Friday, bottomed at 138.23 but closed higher at 139.69. I still prefer a bearish scenario at least targeting 137.80 area but the nearest bias is neutral. CCI in oversold area and heading up on h4 chart suggesting potential upside pullback testing 140.28. Break above that area could trigger further upside correction testing 141.50 resistance area. Initial support at 139.30. Consistent move below that area should trigger further bearish momentum.

AUDUSD Forecast
The AUDUSD made indecisive movement on Friday. Price attempted to push lower, bottomed at 0.8576 but closed higher at 0.8670. The bias is neutral in nearest term but overall I still prefer a bearish scenario with sell on rallies strategy. Expected range at 0.8575 � 0.8780.

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History

02/07/2010
GBPUSD Daily Forecast: February 08
02/07/2010
USDJPY Daily Forecast: February 08
02/07/2010
USDCHF Daily Forecast: February 08
02/06/2010
EUR/USD Weekly Review 01 Feb 10 – 05 Feb 10
02/05/2010
EURUSD Weekly Summary: Euro remains under pressure, Hammer candlestick might give technical support next week

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