Daily Forecast - 20 November 2015
USDJPY Spot
USDJPY is however now back above 122.90/85 to target first resistance at 123.25/28. A break above 123.40 then targets double top highs at 123.59/67. Try shorts with stops above 123.80. Just be aware that a weekly close above 123.70 is a buy signal for next week.
First support at 122.90/85 & I still think this could hold the downside today but longs need stops below 122.60. A break lower sees 122.90/85 work as resistance to target strong support at 122.40/35. Try longs with stops at 122.15.
AUDUSD Spot
AUDUSD beat 7155/60 to hit the next target of 7215/20 for an excellent selling opportunity. We actually topped 1 pip below but if you sold in to shorts this trade worked perfectly as we sold off to 7181 so far. Any recovery to 7215/20 is a selling opportunity again today with stops above 7245. Just be aware that a break & weekly above 7220 would be a short term buy signal for next week to target 7270/80 then 7300/05.
First support at 7180 but below here targets better support at 7160/55. This could hold the downside but below here look for strong support at 7120/10 for a buying opportunity with stops below 7090.
EURUSD Spot
EURUSD minor support at 1.0705/00 could hold the downside but below here risks a slide to 1.0670/65. Try longs with stops at 1.0640. A break lower could then retest 1.0615 lows.
Eventually the pair could turn higher today as there is scope for further short term recovery. Above 1.0730 is more positive & re-targets 1.0746/50 then 1.0780/85. If we continue higher look for an excellent selling opportunity at 1.0820/30. Shorts need stops above 1.0860.
GBPUSD
GBPUSD first support at 1.5265/60 for profit taking on our shorts & this could hold the downside. However longs need stops below 1.5240. Further losses target good support at 1.5225/20. Try longs with stops below 1.5200.
First resistance at selling opportunity at 1.5315/20 but shorts here look more risky today. A break higher not out of the question & targets strong resistance at 1.5360/70. Try shorts with stops above 1.5400.
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