Daily Forecast - 15 February 2016
USDJPY Spot
USDJPY hitting strong resistance at 113.47/52. This remains the main challenge for bulls today & could see a peak. Try shorts with stops above 113.80. A break higher however sees 113.50 act as support & targets quite strong resistance at 114.25. We should struggle here & a high for the day not out of the question, but if we continue higher look for a selling opportunity at 115.00/10.
Failure to beat strong resistance at 113.47/52 as is likely, targets 113.05, perhaps as far as good support at 112.60/55. However in the bear trend a break below 112.30 is always possible & targets 112.04/00, perhaps as far as 111.60/55. Look for strong support at 111.20/111.00 again this week. Try longs with
EURUSD Spot
EURUSD exactly as predicted the pair headed lower to good support at 1.1245/40. Although stops below 1.1210 were not activated we only bounced to 1.1259. We have held below 1.1245/40 this morning but there is a buying opportunity at 1.1220/16. Longs need stops below 1.1190. A bounce from 1.1216/20 targets 1.1260/70 for profit taking. Try shorts with stops above 1.1295. A break higher however targets 1.1305/08 then 1.1325/30.
A break below 1.1195 is negative & targets 1.1165/60 then trend line support at 1.1145/40 for profit taking on any shorts. Look for a buying opportunity at 1.1125/20.
EURGBP Spot
EURGBP over ran support at 7760/55, bottoming at 7741& we are holding below here as I write over night to target 7725, perhaps as far as 7710. Below here adds pressure to target an excellent buying opportunity at 7685/80. Stop below 7665.
A bounce from 7725 is actually possible this morning to target first resistance at 7755/60 & the main challenge for bulls to day. Shorts need stops above 7775 with a break higher to & target minor resistance at 7790/95 then minor again resistance at 7706/10.
AUDUSD Spot
AUDUSD resistance at 7140/45 remains the most important of the day. Above 7150 is more positive & targets trend line resistance at 7180/85. We could stall here initially but above here targets 7215/20.
Failure to beat first resistance at 7140/45 re-targets 7105 then support at 7088/83. A break below 7075 risks a retest of support at 7035. If we continue lower look for 7018/15 before support at 6985/80. A break below here today targets 6960/55 then 6920/15.
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