Daily Forecast - 28 July 2016
AUDUSD Spot
AUDUSD recovered quickly from the 7417 low & will need to hold above first support at 7478/73 to test resistance at 7505/15. This is the main challenge for bulls today but shorts need stops above 7535. A break higher is a buy signal & targets minor resistance at 7570/75. Further gains target 7595 then trend line resistance at 7640/45.
Failure to hold above first support at 7478/73 targets minor support at 7455/50 then 7420/16 & perhaps as far as minor support at 7405/7395. A break lower targets 7375/70 & perhaps as far as strong support at 7330/20 which should be a good buying opportunity.
USDJPY Spot
USDJPY holding below first resistance at 105.50/60 targets 104.80 & minor support at 104.65/60 before the best support of the day at 104.30/20. Try longs with stops below 103.90. However a break below 104.00 is a sell signal & targets 103.60 then only minor support at 103.30/20.
First resistance at 105.50/60 but shorts need stops above 106.00. A break higher targets 106.15 then 106.48/53. We have strong resistance from here up to 106.60/70 as you may remember & this is still relevant. Shorts need stops above 107.00. We need a close (preferably a weekly close tomorrow) above 107.00 to confirm further recovery in August.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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