GBPUSD holding strong support at 1.2850/45
|Daily Forecast - 17 August 2017
GBPUSD Spot
GBPUSD holding strong support at 1.2850/45 perfectly with a bounce only missing the first target of 1.2905/10 by 2 pips. Try longs again on a retest of 1.2850/45 with stops below the July low at 1.2808. A break lower however is a sell signal seeing 1.2845/50 act as strong resistance to target 1.2760 & perhaps as far as 1.2740/30.
The pair are oversold so I still hope for a further recovery from strong support at 1.2850/45 to target 1.2905/10 & 1.2925/30. Watch for a high for the day. However on further gains we target a selling opportunity at 1.3000/10. Shorts need stops above 1.3035.
S&P September Contract
Emini S&P strong resistance at 2470/72. A break above 2474 allows a further recovery to 2476 & 2480/81 before a retest of the all time high 2488.50.
First support at 2463/62 held perfectly but below 2460 targets probably the best support for today at 2457/55. Longs need stops below 2451. Further losses target 2447/46 & perhaps as far as support at 2438/36.
AUDUSD Spot
AUDUSD low for the 3 week correction was seen exactly at first support at 7805/00 as expected. We hit the target & strong resistance at 7890/7900 for profit taking on longs. However shorts have been stopped above 7925 with the break higher to target minor resistance at 7955/59 & minor resistance again at 7997/8000. Above here allows a recovery to towards the July high at 8065.
First support at 7900/7890 could now hold the downside with the correction over. However longs need stops below 7875. An unexpected break lower risks a slide to a buying opportunity at 7805/00.
USDJPY Spot
USDJPY remains in a 5 week bear trend exactly as predicted as we reach strong support at 110.10/00. Try longs with stops below 109.80. A break lower however sees 110.05/10 act as strong resistance targeting 109.60/50 & perhaps as far as 109.20/10.
Holding the best support for today at 110.10/00 allows a recovery to 110.45 but strong resistance at 110.85/95 is a selling opportunity again with stops above 111.20. An unexpected break higher is a buy signal seeing 110.95/90 act as support to target 111.41/45 & quite strong resistance at 111.60/65.
EURUSD Spot
EURUSD still trading sideways exactly as predicted over a week ago. First resistance at 1.1765/75 is the main challenge for bulls today & as I write we topped exactly here but shorts need stops above 1.1800. A break higher targets 1.1840/45 & perhaps as far as 1.1875/80 before the 1.0909 high. We CAN break above here this week so be ready to buy a break above 1.1925 targeting 1.1975/80 & 1.2020/25.
Failure to beat first resistance at 1.1765/75 re-targets a buying opportunity at 1.1685/80 which worked so perfectly yesterday as predicted. Try longs again with stops below 1.1650. A break lower however is a short term sell signal seeing 1.1680/85 act as strong resistance to target 1.1620/10.
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