Daily Forecast - 04 September 2015
AUDUSD Spot
AUDUSD first resistance at 7020 but above here targets stronger resistance at 7045/50. A break above 7060 is more of a positive signal today & targets resistance at 7085/89. We should struggle here & a high for the day likely if we reach this far but shorts need stops at 7115. Be ready to buy a break above 7100 as this would target 7150/60 for a selling opportunity.
Failure to beat 7020 is less positive & risks a slide to 7000/95 then a retest of this week's low at 6985/80. Be ready to sell a break below 6975, which kills hopes for a recovery & targets 6950/45 then 6905. The next big target is 6854.
EURUSD Spot
EURUSD could see a short term recovery this morning to target first resistance at 1.1140/43 & perhaps as far as strong resistance at 1.1175/80. Sell here, stop 1.1205. Target1 @1.1145, T2 @1.1120. However a break above 1.1200 targets strong resistance again at 1.1235/40. Sell here, stop 1.1265. Target1 @1.1205, T2 @ 1.1185 then 1.1150.
Failure to beat 1.1140/43 keeps the pressure on for quite good support at 1.1115/10. This could actually hold the downside despite the negative trend as we become oversold. However longs need stops below 1.1080. Be ready to sell a break below here to target 1.1040/35. Further losses risks a slide as far as 1.0980.
USDJPY Spot
USDJPY could head lower today as we hold below 120.20 to re-target support at 119.80/70. However a greater chance of a break below here today. Be careful if trying longs & use a tight stop below 119.60. Be ready to sell a break lower if not already short to target 119.50 & 119.20/15 for profit taking on shorts. A break below 119.00 however keeps the pressure on for 118.80/76 then strong support at 118.50/45 for a buying opportunity.
First resistance at 120.15/20 could hold a rally but above here look for a selling opportunity at 20.46/49. Shorts need stops at 120.65. An unexpected break higher however targets strong resistance at 120.77/80.
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