Daily Forecast for Crosses: February 03

The EURJPY made indecisive movement yesterday, formed a Doji on daily chart. I think we are still in no trading zone, but aggressive traders might try to short around 126.89 area with only a tight stop loss. Break above 126.89 should trigger further bullish momentum testing 129.00 area. Immediate support at 125.80. Break below that area should trigger further bearish momentum towards 124.50 area.
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GBPJPY Forecast
The GBPJPY also made indecisive movement yesterday. The bias is neutral in nearest term and we are still in no trading zone. On h4 chart below we have a falling wedge formation which is technically a potential bullish pattern especially if price break above the formation. Immediate resistance at 145.45 area. Break above that area should trigger further bullish momentum towards 146.22 even 147.20 area. Initial support at 143.80. Break below that area should trigger further bearish momentum towards 143.00 even 142.00.
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AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8780 but closed higher at 0.8862. It seems like price trapped in range area of 0.8925 - 0.8780. The bearish scenario should remains intact as price still move inside the bearish channel. I think the best strategy is to short around 0.8925 or long around 0.8780 with a tight stop loss. Break above 0.8925 should trigger further bullish correction testing the upper line of the bearish channel while break below 0.8780/33 should continue the bearish scenario targeting 0.8550 area.
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EURUSD Forecast:
The EURUSD had a significant bearish momentum yesterday, break below 1.3750 key support area, bottomed and closed at 1.3723. This fact should lead us to further bearish scenario towards 1.3490 area. The bias is bearish in nearest term targeting 1.3580 area. Immediate resistance at 1.3750 - 1.3800 area. Break above that area should lead us into no trading zone but I prefer a bearish scenario at this phase with sell on rallies strategy as the bearish momentum seems very strong at this phase.
On fundamental side, we will have US NFP data today, which is expected at 10K. If the actual number is at least the same or even better than expected, the Euro should keep under heavy pressure. On the other hand, a worse than expected result may give some support to the Euro but overall the Dollar should still has the advantage as risk aversion seems to increase as stocks and gold are heading lower while Greenback strengthen.
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The EURUSD made another bearish momentum this week after failed to break above 1.4030 on Wednesday, bottomed at 1.3585 but closed a little bit higher at 1.3664 on Friday, formed a hammer candlestick pattern, as you can see on my daily chart below. I still prefer a bearish scenario next week with potential technical target at least around 1.3490 - 1.3400 area but potential upside pullback suggested by the hammer is something that we must not ignore. Immediate resistance to be tested is around 1.3750 area. Break above that area could trigger further bullish correction testing 1.3850 - 1.3900 area even back towards 1.4000/30 region. Initial support at 1.3585 (Friday's low). Break below that area should continue the bearish scenario and potentially cancel the hammer candlestick bullish scenario.
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Have a great weekend and see you guys next week http://fxopen.com/services/ImageProx...NtaWxlLmdpZg==

EURUSD Forecast:
The EURUSD made indecisive movement yesterday. Price attempted to push higher, topped at 1.3713 but closed lower at 1.3647. We have nothing significant so far and the market seems consolidating but still in a bearish scenario. However the hammer candlestick pattern I showed yesterday, remains indicating potential upside correction testing 1.3750 key resistance area and only a break below 1.3585 could cancel the bullish correction scenario, continue the bearish momentum targeting 1.3490 - 1.3400 area this week. On the upside, break above 1.3750 should trigger further bullish correction towards 1.3850 - 1.4030 area.
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GBPUSD Forecast:
The GBPUSD also made indecisive movement yesterday indicating consolidation after significant bearish momentum. No significant movement so far. The bias is neutral in nearest term but still in the bearish scenario. Immediate resistance remains at 1.5650 - 1.5707 area. Break above that area should trigger further bullish correction testing 1.5800. Initial support at 1.5550 - 1.5500 area.* Break below that area should trigger further bearish scenario towards 1.5250 area this week.
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EURJPY Forecast
The EURJPY made another indecisive movement yesterday. The bias remains neutral as price seems to trapped in range area of 123.30 - 120.69 area but still within a bearish scenario. The best strategy in this situation is to short around 123.30 or long around 120.69 area with a tight stop loss.
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GBPJPY Forecast
The GBPJPY made indecisive movement yesterday, formed a Doji on daily chart indicating consolidation but still in a bearish scenario outlook. The bias is neutral in nearest term. On daily chart below we can see that price is now struggling around key level 139.30 area. We need a consistent move below that area to continue the bearish momentum targeting 137.30 area before testing 134.50 level. Immediate resistance at 140.00 area. Break above that area should trigger further bullish correction testing 141.50 area as bearish momentum might get exhausted.
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AUDUSD Forecast
The AUDUSD didn't make significant movement yesterday indicating consolidation phase. On h4 chart below we can see that price trapped between 0.8717 - 0.8575 area. The bias remains neutral but still in a bearish scenario outlook. Break above 0.8717 should trigger further bullish momentum testing 0.8780 and the upper line of the bearish channel. Break below 0.8575 should continue the bearish scenario towards 0.8467 area.
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EURJPY Forecast
The EURJPY was indecisive yesterday, formed a Doji on daily chart. On h4 chart below we can see that it was a false breakout above 124.25 area. The bias is neutral in nearest term but the false breakout should trigger further bearish pressure testing 121.50 area. Another movement back above 124.25 should lead us into no trading zone as direction would become unclear.
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GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, slipped above 143.00 area but closed lower at 142.97 and keep moving lower around 142.49 at the time I wrote this comment. The bias is neutral in nearest term but this fact could be considered as a false breakout which could trigger further bearish momentum testing the lower line of the bullish channel. Another movement back above 143.00 should continue the bullish scenario targeting 144.77 area.
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AUDUSD Forecast
The AUDUSD failed to continue its bullish momentum yesterday, unable to break above 0.9040 resistance area. The bias is neutral in nearest term with potential range area between 0.9040 - 0.8910. Break on either side should give us clearer direction towards 0.9120 or 0.8780.
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GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above 1.5800 area but closed significantly lower at 1.5670. This fact could be seen as a false breakout scenario which could trigger significant bearish momentum testing 1.5560/30 area before targeting 1.5250. Immediate resistance at 1.5700 area. Break above that area should lead us into no trading zone as direction would become unclear.
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