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Daily Forecast for Crosses: March 06

03/05/2012  10:53

EURJPY Forecast
The EURJPY had another indecisive movement yesterday. We haven’t seen convincing daily movement since last week. Price is in a bearish consolidation phase now but overall as long as stays above the trend line support (red) I still prefer a bullish scenario at this phase with buy on dips strategy. Immediate support is seen around 106.50. Immediate resistance remains around 108.00. A clear break above that area could end the current bearish correction phase and continue the bullish scenario retesting 119.23/73 area.

GBPJPY  Forecast
The GBPJPY was indecisive yesterday. Price attempted to push lower, bottomed at 128.20 but whipsawed to the upside and closed higher at 129.40. There are no changes in my technical outlook. The bias remains neutral in nearest term but overall I still prefer a bullish scenario at this phase with buy on dips strategy. Immediate support remains around 128.00. A clear break below that area could trigger further bearish pressure testing 127.00. Immediate resistance remains around 129.60. A clear break and daily close above that area could trigger further bullish scenario testing 130.82.

AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday, bottomed at 1.0655 and hit 1.0603 earlier today. The bias is bearish in nearest term but note that overall price is still trapped in range area of 1.0844 – 1.0600 and need a clear break on either side to see clearer direction. Aggressive intraday traders can still long around 1.0600 with a tight stop loss below 1.0600 as a clear break and daily close below that area could trigger further bearish scenario testing 1.0550 – 1.0500 even lower. Immediate resistance is seen around 1.0700. A clear break above that area could lead price to neutral zone in nearest term and keep price inside the range area a little bit longer.

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History

03/05/2012
GBPUSD Daily Forecast: March 06
03/05/2012
USDJPY Daily Forecast: March 06
03/05/2012
USDCHF Daily Forecast: March 06
03/04/2012
EURUSD Daily Forecast: March 05
03/04/2012
Daily Forecast for Crosses: March 05

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