Daily Forecast for Crosses: February 10

About 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 bullish momentum yesterday, break above 123.30, topped at 124.16 and closed at 123.73 as Euro rally on expectation that Greece will get some financial/monetary support from the EU. This fact should trigger further bullish momentum in nearest term targeting 125.15 even 126.89 area. Immediate support at 123.30. Break below that area could be seen as a false breakout which could produce significant bearish momentum testing 121.65 even 120.69 area.

GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday, topped at 141.18 and closed at 140.95. The bias is bullish in nearest term targeting 141.50 area which is a key resistance level at this phase. Break above that area should trigger further bullish momentum towards 143.80 area. On the other hand, a failure to break above 141.50 and a movement below 140.50 should trigger further bearish momentum re-testing 139.30 support area.

AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8795 and closed at 0.8785 after break above 0.8717. On h4 chart below we can see that price slip above the bearish channel indicating a serious threat to the bearish outlook. The bias is bullish in nearest term but we need a consistent move above 0.8780 to continue the bullish scenario towards 0.8910 area. Immediate support at 0.8717 area. Another movement below that area should keep the bearish scenario intact back towards 0.8575 area.