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DAILY FORECAST FOR GBPJPY

Posted 11-19-2009 at 11:12 PM by FX-Forecaster.com (The Daily Forecaster)

Bias: I look for follow-through to the 145.53-90 area before a larger correction higher

Given the outlook in GBPUSD I feel we still have another leg lower here as well. The 148.39 high probably provided that high but there is a small risk we could see a second push higher but no further than 148.78-90. More likely we shall see a retest of the 147.32 low area first. This should cause a minor correction and once complete should break lower to extend losses to the 146.13 area minimum and my favored target area is at 145.53-78. However, also take note of the 145.12 support. Take care as we reach these targets as I feel we shall see a reversal higher.

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DAILY FORECAST FOR USDCAD

Posted 11-18-2009 at 10:36 PM by FX-Forecaster.com (The Daily Forecaster)

Bias: While 1.0518-27 supports I feel there is more room on the upside to reach 1.0625-35 initially and possibly 1.0694-16

Yesterday's losses fell between the two support areas I identified yesterday but from 1.0449 we have seen a solid recovery and I feel this will folllow-through over the course of the day. We are already close to the prior 1.0581 high and I don't see this holding for too long but suspect the 1.0625-35 area stands a better chance of generating a correction. This is where we may see a continuation pattern develop. Once the correction is complete I feel this could rally to the 1.0694-1.0716 resistance at least. Take care here. Only a break above would retest the 1.0760-70 area.

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DAILY FORECAST FOR EURJPY

Posted 11-17-2009 at 11:01 PM by FX-Forecaster.com (The Daily Forecaster)

Bias: The downside risk remains - but take care around 131.58-71 and then 130.56-64

The downside did follow-through yesterday and I feel that while 133.05-20 caps we should see the downside extend a little further today to the 131.58-71 area (max 131.37.) Take care here as I would expect a correction at the very least. Only breach would risk direct extension of the decline to below 130.98 and with the 130.56-64 area the most likely stalling point. The next support is not seen until 129.12-48.

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DAILY FORECAST FOR AUDUSD

Posted 11-16-2009 at 10:46 PM by FX-Forecaster.com (The Daily Forecaster)

Bias: While 0.9284-0.9307 supports I look for gains back above 0.9404 and towards 0.9497

Gains were seen as expected into the 0.9393-12 area where a high was seen. I feel the first mvoe today will be lower to the 0.9284-0.9307 support area (probably towards the top). However, I feel this will support to provoke another rally that will push back above 0.9326-36, 0.9377 and yesterday's
0.9404 high to extend eventually to the 0.9497-0.9519 target area. Take care here as I feel this holds risk of being a major high. Only above 0.9520 would extend the rally closer to the maximum target at 0.9564.

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