Daily Forecast - 15 October 2015
AUDUSD Spot
AUDUSD holding above 7310 keeps the short term outlook positive & targets 7341/44, perhaps as far as 7355/60 to exit longs. Then try shorts up to strong resistance at 7375/80. A high for the day expected but shorts need stops above 7400. Be ready to buy a break above here as this is a strong buy signal to target August highs at 7438/40.
Failure to hold above 7315/10 however risks a slide to good support at 7278/74. It appears bulls have short term control so this could hold the downside but below here targets a buying opportunity at 7244/40.
EURUSD Spot
EURUSD selling opportunity at 1.1470/75 with stops above 1.1500. Failure at this resistance targets 1.1459/56 then support at 1.1440/36. A bounce from here on the first test is possible today but below here targets 1.1423/21 then strong support at 1.1415/10. A good chance of a low for the day but longs need stops below 1.1395. On a break lower look for the next target & strong support at 1.1375/70 for an excellent buying opportunity.
A break above 1.1500 is a buy signal & targets 1.1518/23 then minor resistance at 1.1540/45. We are only likely to see a slow crawl higher in overbought conditions but if we continue higher look for a test of resistance at 1.1575/79.
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