Daily Forecast - 23 November 2015
USDJPY Spot
USDJPY outlook is less positive & failure to hold above 122.90/85 targets 122.65/60. If we continue lower look for strong support at 122.40/35 with a low for the day expected. Try longs with stops at 122.15.
The pair will need to clear 123.05/10 today to target first resistance at 123.25/28. A break above 123.40 then targets double top highs at 123.59/67. Try shorts with stops above 123.80. Just be aware that a weekly close above 123.70 is a buy signal for next week.
EURUSD Spot
EURUSD closing in on 1.0615 lows. Outlook negative despite oversold conditions & there is nothing to say we will hold 1.0615. A break lower targets 1.0570/65 then April lows at 1.0529/19.
Outlook negative until we see a but signal with first resistance at 1.0645/50 in the bear trend but above here we could target 1.0670, perhaps as far as 1.0705.
GBPUSD.
GBPUSD holding below 1.5205 keeps the outlook negative & targets 1.5180/75 then the best support of the day at 1.5140/35. A bounce from here could target 1.5180/75 but longs need stops below 1.5115. A break lower targets 1.5090.
Short term trend line resistance at 1.5220/25 but above here a selling opportunity at 1.5255/60. Shorts need stops above 1.5290.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.