Daily Forecast - 17 February 2016
AUDUSD Spot
AUDUSD first resistance at 7140/45 but above here re-targets trend line resistance at 7185/90. A high for the day is possible but a break above 7200 targets 7220 then February highs at 7240/43.
Holding below 7145/40 targets 7120 then 7105 & support at 7088/83. A break below 7075 today risks a retest of support at 7035.
EURUSD Spot
EURUSD retests good support at 1.1125/20 as I write. Still a good chance of a bounce from here, but be ready to sell a break below 1.1110 to target trend line support at 1.1090/85. However if we continue lower look for an excellent buying opportunity at 1.1060/55. Stops below 1.1030.
Holding good support at 1.1125/20 retests first resistance at 1.1181/85. We should struggle here again today but above we meet stronger resistance at 1.1220/23 for profit taking on any remaining longs. Just be aware that further gains meet resistance at 1.1250/55 where we watch for a high for the day. Shorts need stops above 1.1280.
GBPUSD Spot
GBPUSD meets 4 week trend line support at 1.4285/80 as we become severely oversold short term. This is the last line of defence for bulls today. A break below is a sell signal to target 1.4260 then 1.4210/05. If we continue lower look for 1.4175/70 then 1.4150/45.
First resistance at 1.4330/35 & gains are likely to be limited in this negative trend. However next target & resistance at 1.4365/69. If we continue higher look for 1.4395/97 then an excellent selling opportunity at 1.4421/25.
USDJPY Spot
USDJPY only minor resistance at 114.25 & above here could re-target resistance at 114.90/115.00. Shorts here need stops above 115.20 but a break higher targets 115.45/50 then trend line resistance at 115.85/90.
Failure to beat 114.25 re-targets 114.10 & 113.85/80, perhaps a retest of support at 113.55/50. Longs need stops below 113.20. A break lower today however sees 113.55/50 act as resistance to target 112.94/90 then strong support at 112.50/45.
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