Daily Forecast - 20 June 2018
USDJPY & EURJPY Spot
USDJPY meets 3 week trend line resistance at 110.15/20 & the main challenge for bulls today. Shorts need stops above 110.45. A break higher targets 110.70/80. On further gains look for 111.05/10, the May high at 111.35/39 & perhaps as far as the 6 month trend line resistance at 111.80/90.
Failure to beat 110.15/20 targets 109.85/90 before yesterday's low at 109.55/50. Next target at 109.19/15.
EURJPY bounces back to 127.50 & holding above here targets quite strong resistance at 128.05/15. Shorts need stops above 128.50. A break higher targets strong resistance at 128.90/95.
Holding below 127.50 is more negative targeting 127.20/15 & 126.80/75. A break below 126.60 targets 126.30/20, perhaps as far as 125.90/80.
EURUSD & USDCAD Spot
EURUSD meets first resistance at 1.1600/10 on the bounce. Gains are likely to be limited but above 1.1620 allows a recovery to a selling opportunity at 1.1650/55, with stops above 1.1680. (Yes I have spotted the potential double bottom but I do not think it is relevant).
Failure to beat first resistance at 1.1600/10 re-targets 1.1550/40 before the May low at 1.1510/05. A break lower targets important support from the 50% Fibonacci at 1.1450/45 down to 500 day, 200 & 100 week moving averages at 1.1425/15. Exit shorts & try longs with stops below 1.1380.
USDCAD waiting for a sell signal but failure to hold above 1.3270 targets 1.3250 & 1.3225/21 then first support at 1.3210/05 but expect better support at 1.3180/75.
A break above 1.3310 signals the trend line has been broken for a buy signal targeting 1.3345/50 & 1.3410/20.
AUDUSD & NZDUSD Spot
AUDUSD oversold so again a bounce is possible but do not even think about longs without a buy signal. We are trading at 7378 as I write, with first resistance at 7420/24 then strong resistance at 7452/56. Try shorts with stops above 7475.
Below 7344 targets important longer term Fibonacci support at 7330/25. I will watch for a buy signal but I think longs will be very risky at this stage. A break below 7300 risks a slide to 7260/50.
NZDUSD broke 6930/20 as predicted targeting 6905/00 & a low exactly at 6885/80. Watch for a test of May low at 6855/50. I doubt this will hold either & a break lower is another sell signal targeting 6820/15 & 6785/80.
Gains are likely to be limited with first resistance at 6920/25. Try shorts with stops above 6945. An unexpected break higher could take us as far as 6980/85.
Source : https://www.fxstreet.com/analysis/eurusd-meets-first-resistance-at-11600-10-on-the-bounce-201806200615Thank You for Visiting My Website