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2011 March

March 2nd, 2011 @ 8:38 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD attempted to push higher yesterday, but again failed to make a clear break above 1.3860 key resistance, closed lower below 1.3785, violated the bullish channel as you can see on my h1 chart below and hit 1.3742 earlier today in Asian session. These facts keep price in sideways condition from h4 chart point of view, but produce a bearish intraday technical bias testing 1.3700 – 1.3650 support area. On the upside, another consistent move above 1.3785 would lead us to neutral zone in nearest term but would open the door for another bullish attempt retesting 1.3860 key resistance area.

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March 2nd, 2011 @ 8:32 am by Setyo Wibowo

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EURJPY Forecast
The EURJPY was volatile but indecisive yesterday. Price attempted to push higher, topped at 113.71 but whipsawed to the downside, closed at 112.82 and hit 112.52 earlier today in Asian session. This fact keeps price in a sideways outlook between 114.00 – 110.80. As you can see on my daily chart below, beside the major range area between 114.00 – 110.80, there is a minor range area between 114.00 – 112.08. Aggressive traders can still long around 112.08 with stop loss below 110.80 while conservative traders can still long around 110.80 or short around 114.00 with tight stop loss.


GBPJPY  Forecast
The GBPJPY attempted to push higher yesterday, but failed to make a break above 134.20 and whipsawed to the downside, closed at 133.19 and hit 132.80 earlier today in Asian session. This fact keeps the intraday bearish outlook intact since the breakdown below the trend line support still targeting 131.00 – 130.50 especially if price able to make another strong break below 132.50 support area where some strong buying activities were seen as you can see on my h4 chart below. Aggressive traders can long around 132.50 with a tight stop loss and reverse to a short position if price able to make a clear break below 132.50. On the upside, a clear break above 134.20 would change the intraday bias to bullish retesting 135.50 key resistance area.


AUDUSD Forecast
The AUDUSD was corrected lower yesterday on a broad US Dollar strength, bottomed at 1.0121 and hit 1.0084 earlier today in Asian session. On daily chart below we can see price unable to make a consistent move above the trend line resistance (white) indicates a limited bullish pressure so far with potential downside correction testing 1.0050 and the lower line of the rising wedge formation. A clear break below the rising wedge formation would trigger further bearish pullback testing 0.9942 key support area which would even open the door for a bigger downside correction scenario. Immediate resistance at 1.0150. A clear break above that area would change the intraday bias to bullish retesting the all time high 1.0256. Although the major bullish outlook remains strong, note that all time high level could be a very strong resistance and the bearish correction/reversal warning showed by the rising wedge formation can not be ignored.

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March 2nd, 2011 @ 8:27 am by Setyo Wibowo

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GBPUSD  Forecast
The GBPUSD slipped above 1.6300 key resistance yesterday but whipsawed strongly to the downside, closed at 1.6263 and hit 1.6214 earlier today in Asian session. This fact not only change the intraday bias to bearish testing 1.6180/50, but could produce a false breakout scenario which from a broader view could lead to a bearish pressure testing the lower line of the current range market at 1.5950. On the upside, immediate resistance at 1.6280. A clear break above that area would change the intraday bias to bullish but we still need a clear break and a convincing daily close above 1.6300 to continue the bullish scenario testing 1.6500 – 1.6700 region.

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March 2nd, 2011 @ 8:23 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY made another indecisive movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see price is now testing the lower line of the minor bullish channel. A clear break below the bullish channel and 81.61 support area would change the intraday bias to bearish and continue the “head and shoulders’ bearish scenario targeting 80.90 support area. Immediate resistance remains around 82.50. A clear break above that area would continue the bullish correction testing 83.05 which could be a threat to the “head and shoulders” bearish scenario.

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March 2nd, 2011 @ 8:18 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF made another indecisive movement yesterday, made another Doji on daily chart. The bias is neutral in nearest term. As you can see on my daily chart below, after a strong bearish move from 0.9773 price is now consolidating in a rectangle/range area between 0.9330 – 0.9233 and need a clear break from either side to see clearer direction. I personally still prefer a bearish scenario but would need a clear break below 0.9233 to reactivate my bearish mode targeting 0.9100 – 0.9000.

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March 1st, 2011 @ 7:47 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD continued its bullish momentum yesterday after broke above 1.3785, but again, found a strong resistance around 1.3860. Price still moves in a bullish channel as you can see on my hourly chart below suggests the intraday technical bias remains bullish but note that we need a clear break above 1.3860 to continue the bullish scenario targeting 1.4000 – 1.4250 this week. As long as price still moves below 1.3860, the h4 chart/medium outlook remains sideways between 1.3860 – 1.3420. On the downside, a consistent move back below 1.3785 and the bullish channel (blue channel) would lead us to neutral zone in nearest term testing 1.3700 support area.

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March 1st, 2011 @ 7:42 am by Setyo Wibowo

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EURJPY Forecast
The EURJPY had a bullish momentum yesterday after failed to make a clear break below 112.08 support area and continue to move higher earlier today in Asian session hit 113.57. The bias is bullish in nearest term testing 114.00 key resistance area but note that as long as price stays below 114.00 the h4 chart/medium outlook remains sideways between 110.80 – 114.00. Immediate support at 113.00. A clear break below that area would lead us to neutral zone in nearest term retesting 112.08 but overall I still prefer a bullish scenario, especially if price able to make a clear break above 114.00 targeting 114.90 and 115.65.


GBPJPY  Forecast
The GBPJPY had a significant bullish pullback yesterday, made a strong breakout above 132.50 as you can see on my h4 chart below. The bias is bullish in nearest term testing 134.20. A clear break above that area would continue the upside pressure retesting 135.50. On the downside, only a clear break back below 132.50 would continue the bearish pressure testing 131.00 – 130.50 support area.


AUDUSD Forecast
The AUDUSD still able to maintain its bullish intraday bias yesterday but so far the bullish momentum still limited and price still struggling around the trend line resistance (white) as you can see on my daily chart below. We are still in a strong bullish outlook, aiming for new all time highs, but note that the current all time high at 1.0256 can be a strong resistance. Immediate support at 1.0150. A clear break below that area would lead us to neutral zone in nearest term testing 1.0100 – 1.0070 support area.

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March 1st, 2011 @ 7:36 am by Setyo Wibowo

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GBPUSD  Forecast
The GBPUSD had a significant bullish momentum yesterday and continue the upside pressure earlier today in Asian session hit 1.6296. The bias is bullish in nearest term but note that 1.6300 is a key resistance at this phase and might provide a strong resistance as you can see on my daily chart below. We need a clear break above that level to lead us to a new bullish phase with technical bullish target at 1.6500 – 1.6700 and as long as price moves below 1.6300 the h4 chart/medium outlook remains sideways between 1.6300 – 1.5950. Immediate support at 1.6230. A break below that area would lead us to neutral zone in nearest term testing 1.6180/50 support area.

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