Daily Forecast - 19 June 2017
USDJPY Spot
USDJPY above 111.00 targets 111.40. If we continue higher look for 111.56/60 & probably as far as the 100 day moving average at 111.80/85.
Holding below 110.70 targets very minor support at 110.48/45 then better support at 110.07/12. Watch for a low for the day. Longs are risky in the 6 month bear trend. A break below 109.85 signals further losses towards 109.60/55 then the best support for this week at 109.10/00.
AUDUSD Spot
AUDUSD first resistance at the 7633/35 high. We are very overbought on the daily chart so gains are likely to be limited but this is more of a target than resistance, so if we continue higher look for 7656/60 & 7679/81, perhaps as far as 7695/99.
Failure to beat the 7633/35 high targets 7595/91 then first support at 7570/65 which looks likely to hold the downside again today. However below here this week targets a buying opportunity at 7535/30. Longs need stops below 7510. Further losses target 7504/00 then minor support at 7470/65.
EURUSD Spot
EURUSD only resistance of any importance today is at 1.1205/10. Holding below here targets 1.1180 before last week's low at 1.1130. Strong support at 1.1120/10 could hold the downside. Try longs with stops below 1.1085. An unexpected break lower then targets the best buying opportunity of the week at 1.1065/60. Try longs with stops below 1.1020.
A break above 1.1225 is required for a clearer recovery path towards 1.1250/55 before the 1.1295/99 November high. This will need to be broken for further bullish confirmation. A break above 1.1300 is a buy signal confirmation targeting the September high at 1.1326 & August high at 1.1360/65.
GBPUSD Spot
GBPUSD above 1.2762/72 targets 1.2800/05 then stronger resistance at 1.2825/35. If we continue higher look for 1.2880, perhaps as far as 1.2910/15 before 2 week highs at 1.2975/79.
Below 1.2760 risks a slide to first support at 1.2710/1.2690. Below here re-targets the 1.2636/32 low & 100 day moving average support at 1.2630/27. More important 6 month trend line & 200 day moving average support at 1.2555/50 could hold the downside if tested this week.
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