USDJPY has only minor resistance at 114.25

Daily Forecast - 18 February 2016

USDJPY Spot

USDJPY has only minor resistance at 114.25 again today but above here could re-target stronger resistance at 114.90/115.00. Shorts here need stops above 115.20 but a break higher targets 115.45/50 then trend line resistance at 115.85/90.

Failure to beat 114.25 re-targets 114.10 & 113.85/80 then support at 113.55/50. Again longs need stops below 113.20. A break lower today however sees 113.55/50 act as resistance to target 112.94/90 then strong support at 112.50/45.

AUDUSD Spot

AUDUSD holding below 7145/40 as I write which risks a slide to first support at 7100/7095. This is probably the best of the day but longs need stops below 7080. A break lower risks a retest of support at 7035.

First resistance at 7140/45 but above here re-targets trend line resistance at 7195/7200. A high for the day is possible but a break above 7210 targets 7220 then February highs at 7240/43.

EURUSD Spot

EURUSD trend line support at 1.1100/1.1090 is quite strong but failure here targets an excellent buying opportunity at 1.1060/55. Stops below 1.1030. A break lower sees 1.1055 act as resistance to target 1.0990/85.

Holding above 1.1120 targets first resistance at 1.1165/70. We should struggle here initially above further gains target stronger resistance at 1.1205/10. A good chance of a high for the day but shorts need stops above 1.1235.

GBPUSD Spot

GBPUSD first resistance at 1.4335/40 again today. Again gains are likely to be limited in this negative trend but above here the next target & resistance seen at 1.4395/99. Try shorts with stops above 1.4430.

The pair are clearly in a bear trend & below 1.4265/60 adds pressure to re-target yesterday's low at 1.4233. Be ready to sell a break below to target 1.4205. If we continue lower look for 1.4173/70 then 1.4149/45.

Gold Spot

Gold first support at 1200/1198 then important support at 1190/89 is the last line of defense for bulls. Longs need stops below 1185. A break below here is a sell signal & targets 1180/79 then 11775/74 & 1167/65.

Holding above 1199/1200 re-targets 1206 then 1212. Strong short term resistance at 1217/18 again today. Just be aware that a break above here is a buy signal & targets 1222 then 1226 & strong resistance at 1233/34 for a short term selling opportunity.