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Daily Forecast for Crosses: March 16

Daily Forecast for Crosses: March 16
Wednesday, March 16th, 2011 @ 5:55 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 had a significant bearish momentum yesterday, broke below the triangle formation as you can see on my h1 chart below suggests a bearish technical bias at least targeting 112.50 in nearest term before testing 110.80 in longer term as the upside scenario might have failed now after the failure to maintain position above 114.00. Immediate resistance at 113.50. A clear break above that area would lead us to neutral zone in nearest term testing 114.00 but only a clear break above 114.68 would continue the bullish scenario targeting 116.35. Note that the price movement seems to be remains under the influence of Tsunami impact and nuclear crisis in Japan. Although risk aversion sentiment will likely to dominate and keep support broad Yen strength, this kind of sentiment can change quickly anytime.


GBPJPY  Forecast
The GBPJPY had a significant bearish momentum yesterday, bottomed at 129.17 and closed at 128.84. The bias remains bearish in nearest term especially if price able to make another strong break below 129.17 targeting 127.50 even 125.50 in longer term. Immediate resistance at 131.00. A clear break above that area would change the intraday bias to bullish testing 132.50 which could be a threat to the bearish scenario. Note that the price movement seems to be remains under the influence of Tsunami impact and nuclear crisis in Japan. Although risk aversion sentiment will likely to dominate and keep support broad Yen strength, this kind of sentiment can change quickly anytime.


AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday, clearly broken below the rising wedge formation as you can see on my daily chart below, confirms the bearish correction/reversal scenario after hit all time high at 1.0256. The bias is bearish in nearest term but note that we probably have a good support around 0.9800 and need a clear break below that area to continue the bearish scenario targeting 0.9540. Immediate resistance at 0.9965. A clear break above that area would lead us to neutral zone in nearest term testing 1.0100 but only a clear break above 1.0100 could cancel the current bearish scenario and open the door for another bullish attempt aiming for new all time highs.

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