Daily Forecast - 26 May 2015
Gold Spot
Gold same levels apply for today & with the outlook negative, the first resistance at 1209 could hold a move higher. However a better selling opportunity again at 1212/1213 if we reach this far. Sell @1212/13, stop 1217. Target 1 @1208 (trail stop to entry), target 2 @1204. An unexpected break higher however could target strong resistance at 1224/25. Sell @1224/25, stop 1229. Target 1 @1219 (trail stop to entry), target 2 @1215. Note: Only a close above 1214 is more positive for this week.
First support at 1202/1201 but the outlook is quite negative so any longs need stops below 1198. We could continue lower to better 1194/93. A good chance of a low for the day. Buy @1194/93, stop 1190. Target 1 @1200 (trail stop to entry), target 2 @1204.
USDJPY Spot
USDJPY outlook positive despite overbought conditions. If you are long from yesterday's buying opportunity at 121.45, we must beat minor resistance at 121.52/62 to target the most important resistance of the day at March highs at 122.00/02. Sell @ 122.00, stop 122.15. Target 1 @121.65(trail stop to entry), target 2 @121.50. A sustained break above 122.10 however is a buy signal & targets 122.20/25 then 122.40/45. If we continue higher this week look for 122.70/75 then 123.05/10.
Buy @121.45, stop 121.30. Target 1 @ 121.65(trail stop to entry), target 2 @121.95. On a break lower however look for support at 121.15. Buy @121.15, stop 120.80. Target 1 @ 121.40(trail stop to entry), target 2 @121.60.
AUDUSD
AUDUSD getting oversold so the downside could be more limited today. If however we break 7800 look for a test of the best of the day support at 7785/80. Buy here, stop at 7755. Target 1 @7805 (trail stop to entry), target 2 @7835. A sustained break below 7780 however sees 7780/85 act as resistance to target 7725/20 then 7710/05. We could continue lower this week to 7680.
First resistance at 7852/57 but we are in need of a correction higher so be ready to buy a break above here to target resistance at 7890/95. Sell here, stop 7925. Target 1 @7860 (trail stop to entry), target 2 @7835. Be ready to go with a break higher however using 7890 as support to target resistance at 7940.
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