Daily Forecast - 18 November 2014
EURGBP Spot
EURGBP will now need to beat 7970 for a chance to retest important resistance at 7990/8000. This remains a big challenge today & in fact a good chance we will turn lower from here once again, but shorts need stops above 8010. Be ready to go with a break higher to target 8025/8030 then a selling opportunity at 8047/52.
Failure to get through important resistance area at 7990/8000 as we become overbought triggers further profit-taking. In fact if we cannot beat 7970, a retest of support at 7952/7948 is expected. There is less chance of this level holding this downside today. Therefore longs need stops below 7940. Be ready to go with a break lower to target 7925/20 for an excellent short term buying opportunity with stops below 7910.
EURGBP held resistance at 7990/8000 & turned lower as predicted. The pair hit support at 7952/7948 & bottomed exactly here as forecast.
AUDJPY Spot
AUDJPY hit 102.38 tested support at 101.40/35 as predicted. Any longs here today again need stops below 101.20. If we continue lower look for good support at 100.85/75. A low for the day is expected here. Try longs with stops below 100.50.
Above 101.90 is more positive for today & but we do have a negative candle formation on the short term charts. It therefore looks like it will be a big challenge to break yesterday's high at 102.38. As stated the pair are severely overbought, so there are risks to the downside this week. However we must still be ready to go with a break higher, to target 102.63/68 & perhaps as far as 102.90/93.
AUDJPY held above 100.70 to keep the outlook positive & even broke 101.35/40 to ensure that the strong trend continues into this week.
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.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.