GBPUSD first support at the December high at 1.2774

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 20 April 2017

EURUSD Spot

EURUSD overbought short term as we warned yesterday & the pair bottomed exactly at first support at 1.0700/90 but could continue lower today to minor support at 1.0680/70. Further losses are possible in to the end of the week to test key support at 1.0625/20. Try longs with stops below 1.0600. A break lower is an important sell signal.

A break above 1.0745 targets quite strong resistance at 1.0770/80. Exit all remaining longs & try shorts with stops above 1.0800.

USDJPY Spot

USDJPY still in a bear trend despite oversold conditions so we can hope for a drift lower to this week's low at 108.15/10. Buy anywhere from here down to strong support at 107.90/80. This is an excellent buying opportunity in oversold conditions with a very good chance of a strong recovery. Try longs with stops below 107.40.

First resistance at 108.70/80 is very minor then 109.20/25 is more of a challenge & has held all week. If we continue higher today look for the next target & a selling opportunity at 109.80/90, with stops above 110.20. We could sell off back to 109.30/20.

GBPUSD spot

GBPUSD first support at the December high at 1.2774 but below 1.2760 risks a slide to good support at 1.2720/10. Try longs with stops below 1.2685. Just be aware that further losses target minor support at 1.2650/40 then a buying opportunity at 1.2610/00.

Holding the 1.2775/65 area allows a recovery to 1.2855/60 before the 1.2900/04 high. Bulls are in control so a break above the September low at 1.2912 targets 1.2935 & 1.2950 then 1.2990/95 & 1.3020.

AUDUSD Spot

AUDUSD has seen 2 days of losses. First resistance at 7530/40 is key to direction. Holding here keeps the pressure on for 7500 & the 7475/70 low. This is not a good support level so a break lower certainly possible targeting 7450/45 & 200 day moving average support at 7420.

First resistance at 7530/40 but above here allows a recovery towards resistance at 7575/80. Try shorts with stops above 7600.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.