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2011 March

March 4th, 2011 @ 6:47 am by Setyo Wibowo

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GBPUSD  Forecast
The GBPUSD was corrected lower yesterday, unable to consistently move above 1.6300 key resistance area and hit 1.6252. The bias is neutral in nearest term. Overall technical bias remains strongly to the upside, but would need a clear and consistent move above 1.6300 to continue the bullish scenario targeting 1.6500 – 1.6700 area. Immediate support at 1.6250. A clear break below that area would change the intraday bias to bearish testing 1.6200 – 1.6180/50 support area.

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March 4th, 2011 @ 6:44 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was corrected higher yesterday and now testing 82.50 resistance area as you can see on my h4 chart below. Although the “head and shoulders” bearish scenario remains intact, a clear break above 82.50 could be a serious threat to the bearish scenario testing 83.05 (neckline). A movement above the neckline would cancel the bearish scenario which would lead us to a consolidation phase even a new bullish phase with 83.92 (the head) as the nearest target.  On the downside, only a clear break below 81.61 would continue the bearish scenario targeting 80.90.

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March 4th, 2011 @ 6:40 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF was corrected higher yesterday and now struggling around 0.9330 resistance area which is for me still a good place for a short position with good risk-reward ratio. A clear break above 0.9330 could trigger further upside correction testing 0.9435. Immediate support at 0.9272. A clear break below that area would change the intraday bias to bearish retesting 0.9230 and keeps the major bearish scenario testing 0.9100 – 0.9000 remains strong.

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March 3rd, 2011 @ 8:05 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD continued its bullish intraday bias yesterday, topped at 1.3889 and now struggling around 1.3860 key resistance area. The bias is bullish in nearest term targeting 1.4000. However, as you can see on my h4 chart below, actually price has not make a convincing move above 1.3860 so far, so although the technical bias is strongly to the upside now, I think it’s very important to be just a little more patient until we have a convincing move above 1.3860 to continue buying the Euro and a clear break above 1.3889 would be an early indication to the bullish scenario, not only targeting 1.4000 but would open the door for further upside scenario testing 1.4250 – 1.4300. Immediate support at 1.3846 (current low). A clear break below that area would lead us to neutral zone in nearest term testing 1.3780 but I think overall the pressure remains to the upside.

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March 3rd, 2011 @ 7:59 am by Setyo Wibowo

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EURJPY Forecast
The EURJPY had a bullish momentum yesterday, topped at 113.55 and closed at 113.42. The bias is bullish in nearest term targeting 114.00 but note that overall price still trapped in the range area and 114.00 could remain a strong resistance that need to be clearly broken to the upside to confirm the bullish continuation scenario targeting 114.90 and 115.65 even higher. Immediate support at 113.15. A clear break below that area would lead us to neutral zone in nearest term testing 112.50 – 112.08 support area and would keep price a little bit longer in this sideways condition.


GBPJPY  Forecast
The GBPJPY failed to continue its bearish pressure yesterday and bounced higher hit 133.68 earlier today. The bias is neutral in nearest term with potential daily range to be watched between 134.20 – 132.50. While we need a clear break on either side to see clearer direction, aggressive intraday traders can short around 134.20 or long around 132.50 with a tight stop loss. A clear break above 134.20 would trigger further upside pressure testing 135.50 while a clear break below 132.50 would trigger further bearish pressure testing 131.00 – 130.50.

AUDUSD Forecast
The AUDUSD failed to continue its bearish correction yesterday and now back above the trend line resistance (white) as you can see on my h4 chart below. The bias is bullish in nearest term still targeting 1.0256 key resistance area/all time high. Any all time high level could be a very strong resistance so although the pressure remains strongly to the upside, a short position near 1.0256 with tight stop loss is acceptable for me.  Above 1.0256, new all time high projection could be seen around 1.0400 – 1.0500. Immediate support at 1.0140. A clear break below that area would lead us to neutral zone in nearest term testing 1.0070/50 support area.

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March 3rd, 2011 @ 7:53 am by Setyo Wibowo

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GBPUSD  Forecast
The GBPUSD made a significant bullish movement yesterday with a daily close above 1.6300 as you can see on my daily chart below. This fact is an early validation to the bullish continuation scenario targeting 1.6500 even would open the door for further upside pressure testing 1.6700. On the downside, immediate support at 1.6274. A clear break below that area would lead us to neutral zone in nearest term testing 1.6200 but overall the technical bias remains strongly to the upside.

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March 3rd, 2011 @ 7:49 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY was indecisive yesterday, made another Doji on daily chart indicates consolidation phase. Overall price is still in a bearish outlook of the “head and shoulders” pattern but would need a clear break below 81.61 to continue the bearish scenario targeting 80.90. Immediate resistance at 82.50. A clear break above that area could trigger further upside pullback testing 83.05 (neckline) which could be a threat to the “head and shoulders” bearish scenario.

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March 3rd, 2011 @ 7:45 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF slipped below 0.9233 yesterday but so far still unable to move consistently below that area. The bias is neutral in nearest term. Overall price still in a strong bearish outlook targeting 0.9100 and 0.9000 but would need a clear break and a daily close below 0.9233 to continue the bearish scenario. Immediate resistance remains around 0.9330, a nice place for a short position with good risk – reward ratio.

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