AUDUSD: First resistance at 7530/40 is key to direction
|Daily Forecast - 21 April 2017
USDJPY Spot
USDJPY holding above 109.20/25 targets a selling opportunity at 109.80/90, with stops above 110.20. We could sell off back to 109.30/20. An unexpected break above 110.10 however targets 110.50 & perhaps as far as strong resistance at 110.90/99.
First support at 109.25/20 but a move below 109.00 signals weakness towards 108.70 before this week's low at 108.15/10. Buy anywhere from here down to strong support at 107.90/80. This is an excellent buying opportunity with a very good chance of a strong recovery. Try longs with stops below 107.40.
EURUSD Spot
EURUSD first support at 1.0700/90 but further losses target support at 1.0650/40. Exit shorts & try longs with stops below 1.0600. A break lower is an important sell signal & sees 1.0620/30 act as resistance to target 1.0575/70 then 1.0530/20.
Holding first support at 1.0700/90 targets minor resistance at 1.0730/35 then a retest of quite strong resistance at 1.0770/80. Try shorts with stops above 1.0800. However a break higher targets much stronger resistance at 1.0830/40. Try shorts with wider stops above 1.0900.
GBPUSD Spot
GBPUSD first support at the December high at 1.2774 but below 1.2760 risks a slide to good support at 1.2720/10. Try longs with stops below 1.2685. Just be aware that further losses target minor support at 1.2650/40 then a buying opportunity at 1.2610/00.
Holding the 1.2775/65 area allows a recovery to 1.2855/60 (which has held for 2 days) before the 1.2900/04 high. Bulls are in control so a break above the September low at 1.2912 targets 1.2935 & 1.2950 then 1.2990/95 & 1.3020.
AUDUSD Spot
AUDUSD has held first resistance at 7530/40 keeping pressure to the downside for 7500 & the 7475/70 low. This is not a good support level so a break lower certainly possible targeting 7450/45 & 200 day moving average support at 7420.
First resistance at 7530/40 but above here allows a recovery towards resistance at 7575/80. Try shorts with stops above 7600. An unexpected break higher targets minor resistance at 7640/45.
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