Daily Forecast - 13 November 2014
EURGBP Spot
EURGBP immediate resistance at 7885/90 is the key to direction today but any shorts need stops above 7903. Today's outlook is more positive so be ready to go with a break higher using 7890 as support for a move towards strong resistance at 7917/20 & an excellent selling opportunity this week. Try shorts with stops above 7935.
Failure to beat resistance at 7885/90 however triggers profit-taking down to support at 7860/55. A good chance this will hold the downside so try longs with a stop below 7845. An unexpected break lower however targets 7825/20.
AUDJPY Spot
AUDJPY has topped out at 100.83/89. We will need to hold above the immediate support at 100.25/20 on this dip for the outlook to remain positive today. Back above 100.55 Is more positive & could retest the 100.85/89 high. A break higher never out of the question in this bull trend despite overbought conditions & targets strong resistance at 101.35/40. A good chance of a high for the day here, possibly even a high for the week.
Any longs from support at 100.25/20 will need a stop below 2 week trend line support at 100.00. We then risk a slide to 99.80/75 & perhaps as far as excellent support at 99.55/50. Try longs here looking for a low for the day, with stops below 99.40. Just be aware that an unexpected break lower would then target 99.15/10.
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