Daily Forecast - 10 March 2016

AUDUSD Spot

AUDUSD

AUDUSD has only very minor support at 7470 but below here meets good support at 7430/26 which could hold the downside today. Longs need stops below 7405. A break lower however risks a slide to 7390 then support at 7370/65.

Minor resistance at 7495 then yesterday's high at 7527. A break above 7531/35 targets 7580/85 but we should start to struggle with gains in overbought conditions.


USDJPY Spot

USDJPY

USDJPY has made it back to 113.45. Just as it appeared we were getting some direction, we remain in the 2 week trading range of 112.14-114.25/55. First support at 113.25/20 but below here targets 112.80/75. If we continue lower look for support at 112.40/35 before the bottom of the range at 112.20/14.

First resistance at 113.45/50 but above here targets 113.75/80. If we continue higher look for 114.15/19 then a test of strong resistance at 114.38/43. Try shorts with stops above 114.70.  


EURUSD Spot

EURUSD

EURUSD best support again today at 1.0955/50 but any longs here need stops below 1.0935. A break lower risks a slide as far as minor support at 1.0915/10. If we continue lower look for 1.0875/71 then 1.0852/50 before March lows at 1.0828/23. Further losses target 1.0779/75 then January lows at 1.0718/09.

First resistance at 1.1000/04 but above here meets stronger resistance at 1.1040/45. Any shorts need stops above 1.1075. A break higher is a buy signal however & 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 then strong resistance at 1.1160/65.


GBPUSD spot

GBPUSD

GBPUSD first support at 1.4180/75 but a break lower targets good support again at 1.4155/50 which could hold the downside. Longs need stops below 1.4120. Just be aware that further losses could target 1.4060/55.

First resistance at 1.4240/50 remains the main challenge for bulls today but any shorts need stops above 1.4280. A break higher however targets strong resistance at 1.4325/30 where a high for the recovery looks likely. Try shorts with stops above 1.4370.


EURGBP Spot

EURGBP

EURGBP first resistance at 7750/55 but above here re-targets important trend line resistance at 7780/85 for a selling opportunity with stops above 7795. A break higher however targets 7800/05 then minor resistance at 7828/30.

Failure to beat first resistance at 7750/55 targets 7725/21 then important support at 7700/7690 which could hold the downside again today. A break lower however is a sell signal however & targets 7665/60 then 7650/45 & minor support at 7620/15.

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