Daily Forecast - 20 November 2014

AUDJPY Spot

AUDJPY

AUDJPY immediate support at 3 day lows of 101.35/25. Any longs here today need stops below 101.15. Be ready to go with a break lower today for a move towards good support at 100.80/75. A low for the day is expected here. Try longs with stops below 100.50. An unexpected break lower however targets 100.20.

Immediate resistance at 101.90/95 then this week's high at 102.28/38 is a big challenge with the pair severely overbought at this stage. A high for the day is expected but we must always be ready to go with a break higher in a bull tend, to target 102.63/68 & perhaps as far as 102.90/93.


EURGBP Spot

EURUSD

EURGBP same levels apply for today with immediate resistance at 8030 then a selling opportunity at 8047/52. A high for the day is expected but our shorts need stops above 8070.

Below 8000 targets immediate support at 7985/80. This could hold the downside initially, but longs need a stop below 7970. On a break lower we should see 7980/85 act as resistance for a move towards support at 7950/45. A good chance this will mark the low for the day and it is worth trying longs here with a stop below 7930.

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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