Daily Forecast - 07 March 2016

EURUSD Spot

EURUSD

EURUSD shorts at resistance at 1.1040/45 worked perfectly as the pair topped exactly here & sold off to the important 1.0985/90 level & bottomed exactly here. A break below 1.0980 therefore signals further losses to probably the best support for today at 1.0960/55. However a break below 1.0940 risks a slide as far as support at 1.0910/05.

Holding 1.0985/90 allows a recovery to 1.1015, perhaps as far as strong resistance at 1.1040/45 & the main challenge for bulls today again today. Shorts need stops above 1.1075. A break higher sees 1.1045/40 act as support to target minor resistance at 1.1100 but if we continue higher look for the next target of 1.1135/40.


GBPUSD spot

GBPUSD

GBPUSD shot higher to our target & resistance at 1.4240/50. As predicted we topped exactly here. Shorts here today need stops above 1.4270. If we continue higher look for the next target & strong resistance at 1.4325/30 where a high for the recovery looks likely. Try shorts with stops above 1.4370.

We are short term overbought with first support at 1.4200/1.4195 but below here risks a slide to better support at 1.4160/50. A good chance of a low for the day but longs need stops below 1.4120.


AUDUSD Spot

AUDUSD

AUDUSD bulls are clearly in control with first support at 7390/85 which could hold the downside but longs need stops below 7350. Further losses targets good support at 7333/7295. Longs here need stops below 7270.

Today's high so far at 7424 & above here retests 7440/45. THIS IS IMPORTANT BEING THE 23.6% FIBONACCI RESISTANCE FROM THE 2014 HIGH. Also the August high, just before the summer meltdown. Shorts need stops above 7465 & a break higher targets minor resistance at 7490/95.


USDJPY Spot

USDJPY

USDJPY lower trend line support at 113.50/45 but longs need stops below 113.20 which is the last line of defence for bulls today. A break below 113.20 is a sell signal & targets 112.85/80, perhaps as far as minor support at 112.40/35. Further losses test last week's low at 112.14. Obviously a break below adds pressure this week & targets 111.90/85.

Holding first support at 113.50/45 targets minor resistance at 113.70/75 then 114.00/05. Above here targets 2 day highs at 114.25/28 then last weeks high & very strong resistance at 114.50/55. Shorts need stops above 2 week highs at 114.90.


EURGBP Spot

EURGBP

EURGBP first support at 7725/21 today & holding above here re-targets important trend line resistance at 7770/75 for a selling opportunity with stops above 7790. A break higher however targets 7800/05 then minor resistance at 7828/30.

First support at 7725/21 but holding below here keeps the short term outlook negative to target 7715 then important support at 7700/7690 which could hold the downside today. A break lower however is another sell signal however & targets 7665/60 then 7650/45 & minor support at 7620/15.

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.

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