The Brief Daily Forecaster 9th February 2010

DAILY FORECAST FOR AUDJPY

Bias: Mixed – waiting for breaks

[There seems to be a mildly positive potential today with the 78.49-68 area likely to cap - otherwise, yesterday's comments continue to apply] Friday’s gains stalled at 78.12 and this can be considered the lowest area to confirm a reversal higher. I’d still be a bit cautious until the 78.68 area is also broken. Until then there remains risk of sideways consolidation at least and I still can’t rule out a break below 76.23…

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

Kind regards

Ian

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