EURUSD trying a break above key resistance at 1.1440/50
|Daily Forecast - 17 July 2017
EURUSD Spot
EURUSD trying a break above key resistance at 1.1440/50. Holding above here is more positive for today. A break above the 1.1489 high is further bullish confirmation targeting 1.1530/35 & 1.1580/85 before a test of the 2016 high at 1.1610/14. Failure to hold above 1.1440 keeps us trading sideways if not lower. Minor support at 1.1405/00 but below here targets the low last week at 1.1372/69 before good support at 1.1340/35.
GBPUSD Spot
GBPUSD holding above 1 year trend line at 1.3050/60 is obviously positive for today targeting 1.3110/20 & 1.3155/65. If we continue higher this week look for 1.3225/35. Good support at 1.3040/30 should hold the downside now on any profit taking. However longs need stops below 1.3000.
USDJPY Spot
USDJPY holding strong support at 112.33/27 perfectly. Exit shorts & try longs from here down to important support at 112.10/00 with stops below 111.70. A break lower however is a sell signal targeting 111.65, 111.45/40 & support at 111.10/00. Holding strong support at 112.33/27 allows a recovery to 112.75/79 & resistance at 113.10/15. Watch for a high for the day but shorts need stops above 113.45.
AUDUSD Spot
AUDUSD hit the April high target at 7826/35 to top only 3 pips above. This is now major longer term resistance & the main challenge for bulls this week in overbought conditions. Failure to beat the resistance targets 7799/95 & minor support at 7770/65. If we continue lower look for a buying opportunity at 7730/25, with stops below 7700. It is worth trying shorts at 7826/33 as it is such a major resistance, with stops above 7880. Holding above 7840 however keeps bulls in full control to target 7910/14 & 7935/39.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.