Daily Forecast - 20 November 2014
AUDJPY Spot
AUDJPY immediate support at 3 day lows of 101.35/25. Any longs here today need stops below 101.15. Be ready to go with a break lower today for a move towards good support at 100.80/75. A low for the day is expected here. Try longs with stops below 100.50. An unexpected break lower however targets 100.20.
Immediate resistance at 101.90/95 then this week's high at 102.28/38 is a big challenge with the pair severely overbought at this stage. A high for the day is expected but we must always be ready to go with a break higher in a bull tend, to target 102.63/68 & perhaps as far as 102.90/93.
EURGBP Spot
EURGBP same levels apply for today with immediate resistance at 8030 then a selling opportunity at 8047/52. A high for the day is expected but our shorts need stops above 8070.
Below 8000 targets immediate support at 7985/80. This could hold the downside initially, but longs need a stop below 7970. On a break lower we should see 7980/85 act as resistance for a move towards support at 7950/45. A good chance this will mark the low for the day and it is worth trying longs here with a stop below 7930.
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