GBPUSD first support at 1.3125/20 but below here targets 1.3075/70

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 29 August 2016

GBPUSD spot

GBPUSD first support at 1.3125/20 but below here targets 1.3075/70. A bounce from here possible but further losses target support at 1.3025/20.

Above 1.3140 allows a recovery to 1.3160/65, perhaps as far as resistance at 1.3190/99. Try shorts with stops above 1.3230.

USDJPY Spot

USDJPY should now target 102.25/29 then strong resistance at 102.55/65. This is the only resistance to note today but a good chance of a high for the day here. It's also the only place to try shorts, with stops above 102.90. Just be aware that a break above 102.80 is another buy signal but we need a close above 102.65 to confirm.

Any sell off is a buying opportunity with first support at 101.50/40. Try longs with stops below 101.20. Next target & buying opportunity at 101.00/100.90.

AUDUSD Spot

AUDUSD has fallen as far as strong support at 7525/21 as I write. HOWEVER further losses are likely targeting 7500/7495. This is the ONLY real support to note today & whilst a bounce from here is possible so it's worth covering shorts, longs are too risky. Further losses certainly possible & target 7483/80 then 7455/50.

Any recovery is a selling opportunity with first resistance at 7580/90. Try shorts with stops above 7615. Try shorts again at 7650/60 with stops above 7680.

EURUSD Spot

EURUSD outlook negative with further losses expected & below 1.1150 targets first support at 1.1120/10. This is the best chance of a low for the day but the outlook is negative so be careful if trying longs & use stops below 1.1070.

Any recovery is a selling opportunity with first resistance at 1.1220/30. Try shorts with stops above 1.1250. Try shorts again at 1.1275/85 with stops above 1.1310.

Author

Jason Sen

DayTradeIdeas.co.uk

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