GBPUSD direction remains impossible to judge day to day

Daily Forecast - 03 November 2015

EURUSD Spot

EURUSD first resistance at 1.1035/40 but a break above 1.1050 targets 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 re-targets minor support at 1.1005. If we continue lower today 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.

GBPUSD

GBPUSD direction remains impossible to judge day to day. First support at 1.5405/00 but below here targets 1.5370 & perhaps as far as good support at 1.5340/35. This could hold the downside but longs need stops below 1.5310.

First resistance at 1.5435/40. If we continue higher look for 1.5465/70 then October highs at 1.5500/08. 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.

AUDUSD Spot

AUDUSD minor resistance at 7160 but a break above targets very strong resistance at 7185/90 for an excellent selling opportunity, with stops above 7205. A break higher however targets minor resistance at 7220/25 & perhaps as far as strong resistance at 7260/65 for the next selling opportunity.

Failure to beat first resistance at 7160 sees a dip to 7140 but minor support at 7120/15 could hold the downside. Longs need stops below 7100 to target last week's low at 7068/63. A break lower to target 7035 then 7000/6995.

USDJPY Spot

USDJPY holding below 120.70 would re-target 120.45, perhaps as far as our buying opportunity at 120.20/16. Our longs here need stops below 119.95. Be ready to sell a break below to target 119.80/75 then support at 119.40/35 for the next buying opportunity.

Holding above first resistance at 120.70 today however targets minor resistance at 121.00/03 then 121.15/20. We should struggle here this morning but a break above 121.25 targets October highs at 121.46/51. A break above here this week would be positive again & targets 121.72/75, perhaps as far as strong resistance at 121.90/95.

Gold Spot

Gold short term outlook negative & holding below 1137 targets 1130/29 then 1123/22. This area is a strong short term buying opportunity & could see a low for the week.

First resistance at 1137/38 but above 1139 could target stronger resistance at 1143/44. Try shorts with stops at 1147. On an unexpected break higher however look for 1144/43 to act as support for a move towards strong resistance at 1150/52. Try shorts with stops at 1156.