GBPUSD holding below 1.2485/80 re-targets minor support
|Daily Forecast - 23 February 2017
EURUSD Spot
EURUSD may have bottomed in the short term at least. We could trade sideways, perhaps a little higher. First resistance at 1.0570/75 but above here targets 1.0600 then strong resistance at 1.0630/40. A high for the day likely, try shorts with stops above 1.0670.
Failure to beat first resistance at 1.0570/75 targets minor support at 1.0530/20 before yesterday's low at 1.0492. On a break lower look for 1.0450/45.
GBPUSD spot
GBPUSD holding below 1.2485/80 re-targets minor support at 1.2430/20 before last week's low at 1.2385/79. On further losses this week look for support at 1.2350/40. Longs need stops below 1.2320. A break lower targets 1.2260/55 for a short term buying opportunity, but longs need stops below 1.2230.
First resistance at 1.2485/80 & above targets 1.2535/40 then minor resistance at 1.2570/80, also the 2 week high. On a break higher this week look for 1.2600 then 1.2630 before the January high at 1.2670/73. Further gains test the February high so far at 1.2703/07.
USDJPY Spot
USDJPY strongest resistance for the day at 113.50/60 held perfectly so this is the main challenge for bulls today of course. Try shorts with stops above 113.80. A break higher targets 114.05/15 then 114.35/45.
Failure to beat 113.50/60 re-targets 113.20/15 & 112.90/85. We bottomed exactly here yesterday in fact but further losses today retest last week's low at 112.62/58. If we continue lower look for strong support at 112.00/111.90. Try longs with stops below the 111.70/60 low.
AUDUSD Spot
AUDUSD first support at 7650/45 but try to sell a break lower to target more important support at 7600/7595. Try longs with stops below 7570. Be ready to sell a break below 7570 again targeting 7560/55 & 7515/05.
Holding strong support at 7650/45 re-targets 7680/90 & 7710/14 before resistance at last week's high of 7730/32. A break above 7740/44 this week targets 7760/65 then strong 1 year trend line resistance at 7800/7810. Try shorts with stops above 7845.
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