GBPUSD first resistance at 1.2735/40 being tested most of yesterday
|Daily Forecast - 06 December 2016
EURUSD Spot
EURUSD has shot higher to a selling opportunity at 1.0770/80. This will now be the biggest challenge for bulls for this week. Try shorts with stops above 1.0825. Failure to beat 1.0770/80 targets 1.0730/25. Further losses target 1.0690/80 then 1.0670 & 1.0645/40, perhaps as far as 1.060/15.
Outlook negative as long as we hold below 1.0800. HOWEVER a break above 1.0820 turn the outlook more positive & targets the October low at 1.0848/50 then 1.0860/65 & probably as far as 1.0900/10.
AUDUSD Spot
AUDUSD first support at 7450/55 but below here confirms the more negative outlook & targets better support at 7425/20. A break below here is an added sell signal for 7400 then 7365/7360. This is not good support & further losses this week target 7345, 7325 & the November low at 7310/05.
Important 1 week high & resistance at 7490/97. Shorts need stops above 7530. Only above 7530 is more positive for this week. Be ready to buy a break above here to target 7565 then 7590/99.
GBPUSD spot
GBPUSD first resistance at 1.2735/40 being tested most of yesterday. Above 1.2750 targets 1.2760 then very important longer term resistance at 1.2800/10. This is key to direction but there is a strong chance we top here. Shorts need wide stops above 1.2860. We need a minimum 2 day close above 1.2815 for bulls to build on gains.
Back below the November high at 1.2673 is less positive & tests minor support at 1.2635/30 then better support at 1.2585/75. Try longs with stops below 1.2530.
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.