Written by Bahagian Pentadbiran in
| Daily Forecast for Crosses
Wed, April 20, 2011 | Dear Fellow Trader,
Setyo here with the latest daily forex update from the FX Instructor Forex Blog.
If you have any questions about today's update - please reply to this email and I will be happy to help. | | EURJPY Forecast The EURJPY failed to continue it bearish momentum yesterday after unable to make a break below 116.00 key support area and now struggling around 119.30 as you can see on my h4 chart below. This fact keeps the bullish scenario which started since the intervention remains intact especially if price able to make a clear break above 119.30 and the trend line resistance (white) testing 121.40. However note that as long as price stays below 123.31 we are still in consolidation phase. Immediate support at 118.50. A clear break below that area would lead us to neutral zone in nearest term but would keep the bearish correction phase remains strong, still testing 116.00 key support area.
Please click here to see how I applied my technical studies to this pair on the 4 hour chart a few minutes ago. |
GBPJPY Forecast The GBPJPY failed to continue its bearish momentum yesterday and slipped back above 135.00 as you can see on my h4 chart below. This fact keeps the bullish scenario which started since the intervention remains intact, but as long as price stays below 139.67 we are still in consolidation phase and intraday movement can be tricky. The bias is bullish in nearest term testing 137.00. Immediate support at 135.00. Another move back below that area would lead us to neutral zone in nearest term as direction would become unclear but could reopen the door for another downside attempt testing 132.50.
Please click here to see how I applied my technical studies to this pair on the 4 hour chart a few minutes ago. |
AUDUSD Forecast
The AUDUSD failed to continue its bearish correction yesterday and hit 1.0597 earlier today in Asian session. My rising wedge scenario is no longer valid. On the other hand, as you can see on my h4 chart below, we have an ascending triangle suggests a bullish continuation scenario testing new all time high projection around 1.0700. Immediate support at 1.0530. A clear break below that area would lead us to neutral zone in nearest term but overall this pair is in a strong bullish phase. Please click here to see how I applied my technical studies to this pair on the 4 hour chart a few minutes ago.
|
| I hope you enjoyed today's forex update! If you have any questions or suggestions, reply to this email - or visit me at the FX Instructor Blog. Happy Trading! | | | Analyst Profile Living in East Java, Indonesia and holding an International Relations degree, Setyo Wibowo began his forex trading career in 2000 as a market analyst, while learning to trade forex independently on his own. to learn more about Setyo Wibowo. |
| | | | | |
FX Instructor, LLC | 16192 Coastal Hwy | Lewes | DE | 19958 |