GBPUSD taking a slide towards first support at 1.2710/1.2690

Daily Forecast - 20 June 2017

GBPUSD spot

GBPUSD taking a slide towards first support at 1.2710/1.2690. Below here re-targets the June low & 100 day moving average support at 1.2636/32. More important 6 month trend line & 200 day moving average support at 1.2550/45 could hold the downside if tested this week.

If we hold first support at 1.2710/1.2690 in the sideways trend look for a bounce to 1.2762/72, perhaps as far as 1.2800/05. This has held perfectly when tested several times over the past 2 weeks but above here meets stronger resistance at 1.2825/35. If we continue higher look for 1.2880, perhaps as far as 1.2910/15 before 2 week highs at 1.2975/79.

GBPUSD

 

USDJPY Spot

USDJPY through 111.40 to the next target of 111.56/60 & probably as far as the 100 day moving average at 111.80/85 today. We should struggle here initially so some profit taking on any longs may be a good idea but stronger resistance at 112.10/20 may be worth trying a small short. If we are to remain in a sideways trend there is a good chance this will hold. However a break higher targets the 100 week & 500 day moving averages at 112.55/65.

Support at 111.42/40 but below here risks a slide to 110.90/85. If we continue lower look for a buying opportunity at 110.60/55, with stops below 110.30.

USDJPY

  

AUDUSD Spot 

AUDUSD first resistance at the 7633/35 high. We are very overbought on the daily chart so gains are likely to be limited & this has been holding but this is not strong resistance. If we continue higher look for 7656/60 & 7679/81, perhaps as far as 7695/99.

Failure to beat the 7633/35 high targets 7595/91 then first support at 7570/65 which looks likely to hold the downside again today. However below here this week targets a buying opportunity at 7535/30. Longs need stops below 7510. Further losses target 7504/00 then minor support at 7470/65.

AUDUSD

 

EURUSD Spot 

EURUSD 1.1120/10 is the only support of any importance today. A good area for profit taking if you are short from 1.1205/10 but we do need to ease overbought conditions so longs are risky. If you try, stop below 1.1085 (a 30 pip risk) but be ready to reverse in to a short on a break lower targeting 1.1060/55. Below here should accelerate losses to 1.1025/20 & probably as far as 1.0990/85 for profit taking on all shorts.

Holding good support at 1.1120/10 targets first resistance at 1.1180/90. I would exit longs from here up to strong resistance at 1.1200/10 where a high for the day is likely again. Shorts need stops above 1.1225. A break above here is required for a clearer recovery path towards 1.1250/55 before the 1.1295/99 November high. This will need to be broken for further bullish confirmation. A break above 1.1300 is a buy signal confirmation targeting the September high at 1.1326 & August high at 1.1360/65.

EURUSD

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