Daily Forecast - 18 December 2015
USDJPY Spot
USDJPY first support at 122.29/26 but below 122.20 could target better support at 121.90. Try longs with stops below 121.70. If we continue lower look for good support at 121.54/50.
Minor resistance at 122.60/65 but above here targets 122.80/85. We are overbought short term but if we continue higher look for 123.05/09 then 123.18/20 & perhaps as far as 123.39/47 in to next week.
AUDUSD Spot
AUDUSD buying opportunity at 7095/90 has worked perfectly so far with a bounce to 7129. First resistance at 7130/35 is only minor but above here targets 7155/60 for profit taking on any remaining longs. Try shorts with stops above 7180. If we continue higher look for a selling opportunity at 7200/05, with stops above 7220.
Good support at 7095/90 could hold the downside again today but longs need stops below 7070. Be ready to sell a break below 7070 to target 7045/40 then 7025/20 & perhaps as far as November lows at 7012.
EURGBP Spot
EURGBP same levels apply for today & must must beat 7265/70 for another selling opportunity at 7295/99. We can keep doing this trade until it fails, so shorts need stops above 7310. A break higher is a buy signal & targets 7329/30, perhaps as far as 7356/60. If we continue higher look for 7373.
Failure to beat 7265/70 targets first support at 7235/30 then better support at 7205/00 which remains the most important of the week. Again longs need stops below 7190. A break lower is a sell signal & targets minor support at 7178/75. This could hold the downside initially but further losses target 7143/40.
EURUSD Spot
EURUSD bouncing from good support at 1.0805/00 & on the way back up to first resistance at 1.0860/65 for a decent profit, but if we continue higher look for next target & resistance at 1.0895/99. Further gains could reach 1.0930/35 for a selling opportunity with stops above 1.0960.
Good support again at 1.0805/00 in short term oversold conditions but failure here today targets 1.0775 then good support at 1.0740/35.
GBPUSD
GBPUSD first resistance at 1.4915/19 is only minor but above here targets stronger resistance at 1.4950/54. Shorts need stops above 1.4985 but we then look for a selling opportunity at 1.5005/09. Shorts need stops above 1.5030.
Watch yesterday's low at 1.4862 but a break below 1.4855/50 keeps the pressure on for 1.4810. If we continue lower in the bear trend look for 1.4795 then 1.4775/73 & 1.4755/51.
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