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Daily Forex Preview – 27/08


EURUSD Daily Pivots

R3 1.1754
R2 1.1656
R1 1.1483
Pivot 1.1387
S1 1.1215
S2 1.1117
S3 1.0944

EURUSD (1.13): EURUSD has fallen back into the rising price channel as expected and the current retracement is likely to see price test resistance levels either at 1.13575 or 1.14 region. A successful test of resistance at these levels could see EURUSD decline further to test the lower support at 1.117 region. In the unlikely event that the test to 1.117 comes on break of the rising price channel, it could pose some risks of a deeper test down to 1.10 level. Alternatively, a close above 1.13575 could potentially pave way for a test to 1.149. The upside moves are likely to be limited to 1.149 but a break above this support/resistance will open up for a further test to the upside with the previous highs of 1.17 being the immediate target to the upside.

USDJPY Daily Pivots

R3 122.034
R2 121.026
R1 120.479
Pivot 119.454
S1 118.908
S2 117.9
S3 117.354

USDJPY (120): USDJPY's price action is increasingly showing an upside bias in the short term which could be a corrective move. Resistance comes in at 120.8 and 121.9 - 121.7 levels. Each of these resistance levels could halt the rally and could see USDJPY turn lower again. However, given the various support/resistance levels, we could expect USDJPY to possibly range sideways for the most past. Only a break above 121.9 will see a test back to the 124 resistance and above. To the downside, 119.1 is the support level to watch for.

GBPUSD Daily Pivots

R3 1.590
R2 1.5812
R1 1.5636
Pivot 1.5543
S1 1.5368
S2 1.5277
S3 1.5101

GBPUSD (1.54): GBPUSD broke down from the rising price channel and the immediate support at 1.56465. The declines saw a sharp fall to the lower main support at 1.55165 - 1.5455. This horizontal support also forms a confluence with an old falling trend line which is currently holding the declines. A move above 1.5516 is needed for GBPUSD to move back into the rising price channel. Failure to do so could see GBPUSD post further declines lower and could break the current support below 1.5455. Any bounces will likely see a test back to 156465.

Source: https://www.orbex.com/blog/category/technical-analysis/
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