Daily Forecast - 04 September 2015
AUDUSD Spot
AUDUSD first resistance at 7020 but above here targets stronger resistance at 7045/50. A break above 7060 is more of a positive signal today & targets resistance at 7085/89. We should struggle here & a high for the day likely if we reach this far but shorts need stops at 7115. Be ready to buy a break above 7100 as this would target 7150/60 for a selling opportunity.
Failure to beat 7020 is less positive & risks a slide to 7000/95 then a retest of this week's low at 6985/80. Be ready to sell a break below 6975, which kills hopes for a recovery & targets 6950/45 then 6905. The next big target is 6854.
EURUSD Spot
EURUSD could see a short term recovery this morning to target first resistance at 1.1140/43 & perhaps as far as strong resistance at 1.1175/80. Sell here, stop 1.1205. Target1 @1.1145, T2 @1.1120. However a break above 1.1200 targets strong resistance again at 1.1235/40. Sell here, stop 1.1265. Target1 @1.1205, T2 @ 1.1185 then 1.1150.
Failure to beat 1.1140/43 keeps the pressure on for quite good support at 1.1115/10. This could actually hold the downside despite the negative trend as we become oversold. However longs need stops below 1.1080. Be ready to sell a break below here to target 1.1040/35. Further losses risks a slide as far as 1.0980.
USDJPY Spot
USDJPY could head lower today as we hold below 120.20 to re-target support at 119.80/70. However a greater chance of a break below here today. Be careful if trying longs & use a tight stop below 119.60. Be ready to sell a break lower if not already short to target 119.50 & 119.20/15 for profit taking on shorts. A break below 119.00 however keeps the pressure on for 118.80/76 then strong support at 118.50/45 for a buying opportunity.
First resistance at 120.15/20 could hold a rally but above here look for a selling opportunity at 20.46/49. Shorts need stops at 120.65. An unexpected break higher however targets strong resistance at 120.77/80.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD eases to near 1.0700 ahead of German inflation data
EUR/USD is paring gains to near 1.0700 in the European session on Monday. The pair stays supported by a softer US Dollar, courtesy of the USD/JPY sell-off and a risk-friendly market environment. Germany's inflation data is next in focus.
USD/JPY recovers after testing 154.50 on likely Japanese intervention
USD/JPY is recovering ground after sliding to 154.50 on what seemed like a Japanese FX intervention. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Focus shifts to the US employment data and the Fed decision later this week.
Gold price holds steady above $2,335, bulls seem reluctant amid reduced Fed rate cut bets
Gold price (XAU/USD) attracts some buyers near the $2,320 area and turns positive for the third successive day on Monday, albeit the intraday uptick lacks bullish conviction.
Ripple CTO shares take on ETHgate controversy, XRP holders await SEC opposition brief filing
Ripple loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission filing of opposition brief to Ripple’s motion to strike expert testimony.
Week ahead: FOMC and jobs data in sight
May kicks off with the Federal Open Market Committee meeting and will be one to watch, scheduled to make the airwaves on Wednesday. It’s pretty much a sealed deal for a no-change decision at this week’s meeting.