Daily Forecast - 13 November 2014

EURGBP Spot

EURGBP

EURGBP immediate resistance at 7885/90 is the key to direction today but any shorts need stops above 7903. Today's outlook is more positive so be ready to go with a break higher using 7890 as support for a move towards strong resistance at 7917/20 & an excellent selling opportunity this week. Try shorts with stops above 7935.

Failure to beat resistance at 7885/90 however triggers profit-taking down to support at 7860/55. A good chance this will hold the downside so try longs with a stop below 7845. An unexpected break lower however targets 7825/20.


AUDJPY Spot

AUDJPY

AUDJPY has topped out at 100.83/89. We will need to hold above the immediate support at 100.25/20 on this dip for the outlook to remain positive today. Back above 100.55 Is more positive & could retest the 100.85/89 high. A break higher never out of the question in this bull trend despite overbought conditions & targets strong resistance at 101.35/40. A good chance of a high for the day here, possibly even a high for the week.

Any longs from support at 100.25/20 will need a stop below 2 week trend line support at 100.00. We then risk a slide to 99.80/75 & perhaps as far as excellent support at 99.55/50. Try longs here looking for a low for the day, with stops below 99.40. Just be aware that an unexpected break lower would then target 99.15/10.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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