Daily Forecast - 25 February 2015

USDJPY

USDJPY

USDJPY has important support at 118.60/55 today & this level will determine direction. A break lower risks a retest of of last week's low of 118.21/16. Try longs with a stop below 118.05. Just be aware that any further weakness is likely to target 117.78/73 before good support at 117.50/45.

Holding support at 118.60/55 triggers a bounce to first resistance at 119.00/05. We should struggle here today but if we continue higher look for 119.18/20 and perhaps 119.36/41. A break above meets strong resistance at 119.58/62. Try shorts with a stop above 119.85!! A break higher however targets 119.95/120.00 then 120.32/37 before 2 week highs at 120.45/48.


AUDUSD

AUDUSD

AUDUSD must now hold above 7848 to target strong Fibonacci resistance & February highs at 7875/80. It should be worth trying shorts with a stop above 7900. A break higher however could go on to target 7935/7940 then a selling opportunity at 7957/60.

Failure to beat 7875/80 triggers a move towards 7848/45 then support at 7825. We look for a bounce from here, but below risks a slide to strong support at 7780/75 for a buying opportunity. If however this does not hold the downside we could re-target last week’s low at 7750/45. A break below Tuesday's low at 7736 targets support at 7715/10. It could be worth trying longs here with a stop below 7695. A break lower however quickly targets 7670/65.

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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