GBPUSD same levels apply for today

Daily Forecast - 24 March 2015

EURUSD Spot

EURUSD key to direction is strong resistance at 1.0945/55 today of course. Again shorts need stops above 1.0980. A break higher however is not out of the question after yesterday's strong performance & could target last week's high at 1.1031. We should struggle being overbought short term but be ready to go with a break higher to target resistance at 1.1075/80. Unlikely any further today but any shorts need stops above 1.1110.

First support at 1.0895/90 but below here risks a slide to 1.0850/45. If we continue lower look for a buying opportunity at 1.0815/10, with stops below 1.0790. Just be aware that further losses target support at 1.0755/45.

GBPUSD

GBPUSD same levels apply for today with first resistance at 1.4975/85 but the outlook is less negative this morning so be careful with shorts. Use a stop above 1.5000. A break higher 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. We should struggle & a high for the day likely today. However just be aware that any further gains meet resistance at 2 week highs at 1.5136/47.

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

Gold April Contract

Gold could continue higher to the next target of 1193/1195 today. We should struggle here but look for 4 month trend line strong resistance just above at 1199/1200. 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, with stops above 1209.

Below 1286 is less positive but good support at 1183/1181 could hold the downside again. Try longs again 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.

AUDUSD

AUDUSD first resistance at 7900/7910. Failure to beat this level trigger profit taking to 7860 then first support at 7840/30. This could hold the downside and should be worth trying longs with a stop below 7815. However, a break lower meets support at 7790 but if this does not hold the downside look for the next buying opportunity at 7760/55. In the unlikely event that we fall this far, there is a good chance of a low for the day and is worth trying longs a stop below 7735.

Shorts at first resistance at 7900/7910 need stops above 7925. Be ready to go with a break higher to target trendline resistance at 7960. A good chance this will hold gains, as we become overbought in the short-term, but if we do continue higher look for strong resistance at 7995/8005. Use this as a selling opportunity with a stop above 8030.

USDJPY Spot

USDJPY support at 119.70/65 is the key to direction today. We are oversold short term but a break lower not out of the question & targets a retest of support at last week's low & March lows at 119.38/35. This is the most important level of the day. A break below here is obviously significant therefore & risks a slide to 119.10/05 then 118.95/90.

Holding support at 119.70/65 triggers another recovery to first target of 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.