EURUSD strong resistance at 1.244/2454

Daily Forecast - 25 November 2014

EURUSD

EURUSD strong resistance at 1.244/2454 is the key to today's direction. We should struggle here and find it very difficult to break this level. Although the outlook has turned more positive after yesterday's bullish double bottom pattern it may be worth trying shorts at this resistance with a stop above 1.2480. However be ready to go with a break higher and use 1.2455 as good support then, for a new target of 1.2505/15. Exit will longs here and try shorts expecting a high for the day, with stops above 1.2535.

Immediate support at 1.2415/10 but clearly the big support level of the week is the November double bottom lows in the 1.2360/55 area. Keep stops tight below 1.2340 and be ready to go with a break lower in the seven-month bear trend to target 1.2290/85 then 1.2254/44. Any further losses this week could then target 1.2210/00 and perhaps as far as 1.2160.

Gold December Contract

Gold will need to beat 1201 to test resistance at 1207/08. Exit longs here & then try shorts up to important resistance at 1212/1213. A high for the day is expected here but shorts need stops above 1218.

Immediate support at 1194/93 but below here we are likely to test 1189. A bounce from here is possible but longs need stops below 1186. Be ready to go with a break lower to target better support at 1180/1179. A low for the day is expected. Try longs with stops below 1174.

Silver Futures December contract

Silver is now breaking above four-month trendline resistance at 1630 today, in a very positive signal. However we need a break above very string Fibonacci resistance at 1660/70 to confirm a positive breakout. Be ready to go with a move higher and it could be a very quick move to 1702/12. There is a good chance we won't make any higher today but shorts here this week need a stop above 1720.

The problem is 1660/1670 is such a strong resistance level as we become overbought that there is a good chance we cannot get through here today and we will need a pullback into the end of November before perhaps challenging this again in December. Failure here today therefore tests support at 1635/32 then 1625/22. If we continue lower look for excellent support at 1606/1602 for a buying opportunity. A low for the day is expected here but our longs need a stop below 1585.

AUDJPY Spot

AUDJPY has important support at 101.30/25 today with a break lower to turn the short term outlook more negative. We do have very good Fibonacci support at 101.05/100.95 however, which is likely to hold the downside today. It should be worth trying longs here with a stop below 100.75. Just be aware that a break lower would then target 100.60 and perhaps as far as good support at 100.45/40.

Strong resistance at 101.65/70 could hold any bounce today but above here look for a selling opportunity at 102.15/20 with a stop above 102.40. Only a break above Friday's high at 102.82 turns the outlook positive again.

Copper Futures December contract

Copper broke important support at 3.034/3.029 hitting short-term trendline support at 2.999/2.994. This is a buying opportunity with stops below last week's low at 2.990. However a break lower is not out of the question & targets 6 week trend line support at 2.980/75. Try longs with stops below 2.965.

Immediate resistance at 3.20/22 but above here is more ;positive for today & can target 3.030/35. If we continue higher we run into strong resistance at 3.050/3.055. Try shorts with stops above 3.065. Be ready to go with a break higher using 3.055 as support and look for a retest of Friday's high at 3.073/3.077. Against is to resistance and a very good chance of a high for the day so we can try shorts with a stop above 3.095.

E Mini Nasdaq December contract

E-Mini Nasdaq immediate resistance at the 2 day high at 4285/87. Be ready to go with a break higher in the strong Bull trend despite overbought conditions to target 4296/99. Any further gains this week could reach as far as 4315/20.

Failure to beat resistance at 4285/87 in the overbought market triggers a little profit-taking to target trendline support at 4265/62. If however we continue lower very good support at 4250/48 is a buying opportunity. Try longs with stops below 4238.

Emini Dow Jones December contract

Emini Dow Jones immediate resistance at 17800 then 17830/32 but above here meets all time high resistance at 17870 of course today. We are unlikely to get another big move higher on Monday but we must all be ready to jump into longs on a break higher to target 17900/10 then 17940/50.

If we cannot beat immediate resistance at 17795/800, look for a test of support at 17750. If however we continue lower we could test support at 17715/710. Any further losses this week offer are good buying opportunity at 17680/75.

EURGBP Spot

EURGBP same levels apply for today with good support today at 7899/7894 to try longs with a stop below 7885. Be ready to go with a break lower however to target 7862 and perhaps even 7848/45.

Above 7917 is more positive for today and allows a little recovery to target resistance at 7940/7945. A good chance of a high for the day here. Try shorts with a stop above 7960. Just be aware that on a break higher we could then target 7970 and possibly resistance at 7980/83 for a selling opportunity.