Daily Forecast - 02 November 2015
GBPUSD
GBPUSD direction remains impossible to judge day to day. First support at 1.5415/11 but below here targets 1.5383/80. This could hold the downside but below here targets 1.5355/50. Further losses meet a buying opportunity at 1.5330/25. Longs need stops below 1.5300.
First resistance at 1.5465/70. A high for the day is possible here again in short term overbought conditions. However shorts need stops above 1.5490. Be ready to buy a break above here to target October highs at 1.5508. Just be aware that a close above here is obviously positive & targets 1.5525/30 then 1.5550. If we continue higher look for 1.5565/69.
EURUSD Spot
EURUSD first resistance at 1.1035/40 should be more of a struggle today but if we continue higher look for 1.1070 & perhaps as far as second resistance at 1.1085/90. Exit longs here & try shorts at 1.1115/20. This is an excellent selling opportunity & a high for the day is expected if we reach this far but shorts need stops above 1.1145.
Failure to beat first resistance at 1.1035/40 is certainly possible & targets minor support at 1.1005. If we continue lower look for 1.0985/80 then better support at 1.0965/60. This could hold the downside but longs need stops below 1.0930. A break lower risks a retest of October lows at 1.0890/84.
AUDUSD Spot
AUDUSD key to direction is of course first resistance at 7137/42. Watch for a high for the day here again but shorts need stops above 7165. A break higher however targets very strong resistance at 7185/90 for an excellent selling opportunity, with stops above 7205.
Failure to beat first resistance at 7137/42 could see the pair range trade today from here down to 7080/70 in a repeat of Friday's price action, which we did in fact predict. Longs here however need stops below 7055 with a break lower to target 7035 then 7000/6995.
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
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.