Daily Forecast - 28 July 2016
AUDUSD Spot
AUDUSD recovered quickly from the 7417 low & will need to hold above first support at 7478/73 to test resistance at 7505/15. This is the main challenge for bulls today but shorts need stops above 7535. A break higher is a buy signal & targets minor resistance at 7570/75. Further gains target 7595 then trend line resistance at 7640/45.
Failure to hold above first support at 7478/73 targets minor support at 7455/50 then 7420/16 & perhaps as far as minor support at 7405/7395. A break lower targets 7375/70 & perhaps as far as strong support at 7330/20 which should be a good buying opportunity.
USDJPY Spot
USDJPY holding below first resistance at 105.50/60 targets 104.80 & minor support at 104.65/60 before the best support of the day at 104.30/20. Try longs with stops below 103.90. However a break below 104.00 is a sell signal & targets 103.60 then only minor support at 103.30/20.
First resistance at 105.50/60 but shorts need stops above 106.00. A break higher targets 106.15 then 106.48/53. We have strong resistance from here up to 106.60/70 as you may remember & this is still relevant. Shorts need stops above 107.00. We need a close (preferably a weekly close tomorrow) above 107.00 to confirm further recovery in August.
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