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Daily Forecast for Crosses: April 30

Daily Forecast for Crosses: April 30
Monday, April 30th, 2012 @ 7:11 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

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EURJPY Forecast
The EURJPY failed to continue its bullish momentum last week. This fact could create a false breakout bearish scenario at least in nearest term testing 105.60. The bias is bearish in nearest term. Immediate resistance is seen around 106.75. A clear break above that area could lead price to neutral zone in nearest term retesting 107.45 resistance area. On the upside, we still need a clear break and daily close above 107.45 to activate my bullish mode.

GBPJPY  Forecast
The GBPJPY bullish momentum was stopped last week. The bias is bearish in nearest term testing 130.00 which remains a good place to buy with tight stop loss below 130.00 targeting 133.50. Note that the Japanese Yen is currently having broad strength, probably due to fundamental sentiment and could be a threat for the technical bullishness. On the downside, a clear break and daily close below 130.00 would postpone the bullish scenario and activate my wait and see mode. On the upside, we need a clear break at least back above 131.00 to keep the bullish scenario remains strong.

AUDUSD Forecast
The AUDUSD attempted to push lower last week, bottomed at 1.0246 but whipsawed to the upside and slipped above 1.0450 on broad US Dollar weakness. This fact forces me to activate my wait and see mode and turn nearest term bias to a bullish view testing 1.0600. I still prefer a bearish scenario at this phase but would need a clear break back below 1.0400 to reactivate my bearish mode.

One Response to “Daily Forecast for Crosses: April 30”

  1. Selcuk says:

    When I first started this I dtnemsorated trades on the sim trader, and some times we still do as a learning tool, but when it comes to showing how a system really works, it’s essential to show results in real money and it’s the only way we are going to do it. I also show losing trades and how to recover from them using real money and live accounts. If it ain’t live, it ain’t? real. Thanks for your comment. Scott

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