Daily Forecast - 17 July 2017
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 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 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 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.
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