USDJPY has good support at 119.70/65 and this is the key to direction today

Daily Forecast - 23 March 2015

GBPUSD

GBPUSD first resistance at 1.4975/85 for a selling opportunity with a stop above 1.5000. Above here however is more positive for this week. Be ready to go with a break above 1.5000 using 1.4975/85 as support for a move towards 1.5045/50 & perhaps as far as resistance at 1.5090/95.

Failure to beat resistance at 1.4975/85 should trigger a move lower towards 1.4921/16 but if this does not hold the downside we risk at 1.4860/50. This could hold the downside but longs need a stop below 1.4830. Just be aware that a break targets 1.4795 before Friday's low at 1.4725/20.

Gold April Contract

Gold must now hold above 1181/1183 for a move up to the next target of 1193/1195 today. We should struggle here with 4 month trend line strong resistance just above at 1199. A high for the day is expected if we reach this far. Just be aware however that any further gains this week run into very strong resistance at 1204/1205 for a selling opportunity.

Good support at 1183/1181 to try longs with a stop below 1177. A break below 1175 then adds pressure risking a test of strong support at 1168/1167 for a buying opportunity with a stop below 1164.

USDJPY Spot

USDJPY has good support at 119.70/65 and this is the key to direction today. Holding on here triggers a recovery to 120.15/20. If this does not hold a move higher for a test of strong resistance at 120.55/60. Try shorts with stops above 120.80. Be ready to go with a break higher however using 120.60/55 as support for a move towards resistance at 121.10/15. Try shorts with stops above 121.30.

Failure to hold above good support at 119.70/65 risks a retest of support at last week's low & March lows at 119.38/35. A break below here is obviously significant & risks a slide to 119.10/05 then 118.95/90.

AUDUSD

AUDUSD first resistance at the 2 day highs of 7802/7807 but above here meets strong resistance at 7840/7850. This is the main challenge for bulls this week & shorts need stops above 7865. Be ready to go with a break higher using 7850/7840 as support for further gains to target 7875 then 7900/7910.

First support at 7755/7750 then 7732/7726. If trying longs here we need a stop below 7710. A break below 7700 then adds pressure to target 7665/7660 and perhaps as far as Friday's low at 7638. If we continue lower look for Thursday's low & support at 7608/02 but failure here tests last week's low at 7588.

EURUSD Spot

EURUSD holding below 1.0840 is more negative for today and targets 1.0795/91 then support at 1.0760/55. We could try longs here with a stop below 1.0735 but be ready to go with a break lower using 1.0755 as resistance for a move towards 1.0700/0695. If this does not hold the downside look for support at 1.0655/0645. Try longs with a stop below 1.0620. Just be aware that a break lower then targets 1.0580 then 1.0555/50.

Only above 1.0850 is positive for today and retests Friday's high at 1.0880/82. If we continue higher look for Thursday's high at 1.0914 then strong resistance at 1.0945/55. It should be worth trying shorts here with a stop above 1.0980. A break higher however could target last week's high at 1.1031.