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.
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