GBPUSD has continued higher over night to beat 1.4845/50

EURUSD Spot

Daily Forecast - 16 April 2015

EURUSD has burst through 1.0710/15 over night to hit our next target of 1.0745/50 & topped exactly here as I write for a dip to 1.0695/90. This could hold the downside but below here look for a buying opportunity at 1.0670/65. Longs need stops below 1.0640. An unexpected break lower meets strong support at 1.0615/10.

Holding 1.0695/90 targets 1.0715 then first resistance at 1.0745/50. we should struggle here again on a retest but be ready to go with a break higher to target 1.0775/80. Unlikely we can make it any higher at this stage but look for strong resistance at 1.0810/20. Sell with stops on a move above 1.0840.

GBPUSD

GBPUSD has continued higher over night to beat 1.4845/50 & hit our next target of 1.4880/85. We have topped exactly here as I write. First support at 1.4840/35 but below here a buying opportunity at 1.4810/05. Longs need stops below 1.4785 to target next support at 1.4760/55. Buy with stops on a move below 1.4735.

Holding first support at 1.4840/35 re-targets 1.4880/85. Be ready to go with a break higher to target strong resistance at 1.4900/05. A high for the day possible but shorts need stops above 1.4920. A break higher meets resistance at 1.4940/45 but if we continue higher look for an excellent selling opportunity at 1.4970/80.

USDJPY Spot

USDJPY has a small double bottom pattern and being oversold in the short-term this could trigger a move up to the first resistance at 119.25/30. This could hold a move higher but above here look for selling opportunity 119.55/60. Our shorts need a stop above 119.70 but an unexpected break higher meets further resistance at 119.80/85.

Important support at 118.76/70 but be ready to go with a break lower. This would be a sell signal and we could quickly target March lows at 118.30. Exit shorts and try longs in the 118.30/20 area. There is a good chance of a low for the day here but our longs need a stop below 118.00.

AUDUSD

AUDUSD has burst through 7680/85 over night & has also cleared the 7 week trend line resistance. We now meet strong resistance at 7777/7782. Although the outlook is quite positive, we should struggle here today but shorts need a stop above the 100 month moving average at 7800/05. Be ready to go with a break higher to target strong longer term resistance at 7822/7828. A good chance of a high for the day and even for the week. Try shorts with a stop above 7845.

Failure to beat 7777/7782 could trigger a move back to first support at 7725/20. Try longs with a stop below 7710. On a break lower look for better support at 7695/7690 which should hold the downside at this stage.