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Daily Forex Preview – 04/09

EURUSD Daily Pivots


R3 1.1369
R2 1.1305
R1 1.1212
Pivot 1.1149
S1 1.1058
S2 1.0992
S3 1.0901


EURUSD (1.11): EURUSD closed on a bearish note yesterday and declined below the previous lows of 1.115 on the daily charts. Price fell to the lower support as expected to 1.117 - 1.1135. We could now expect to see some consolidation take place ahead of further declines to 1.1008 in the event the recently broken support turns to resistance. To the downside, support comes in at 1.1108 followed by the major support at 1.09275. To the upside, in the event that price breaks above 1.117, a rally to 1.13575 - 1.1335 could be the next resistance that could contain the prices.


USDJPY Daily Pivots

R3 121.675
R2 121.18
R1 120.616
Pivot 120.128
S1 119.574
S2 119.079
S3 118.515


USDJPY (119.2): USDJPY continues its declines despite attempts to hold on to the gains made recently. But price action has reversed off the recent highs near 120.6 and is currently testing the lows of 119.10. Price action at this support could be critical as a test of support here could see a bullish rally take place which could eventually see USDJPY rally above 120.8 resistance to test 121.9. To the downside, in the event USDJPY breaks below 119.1 a test to the previous lows at 118.2 is the next main lower support.


GBPUSD Daily Pivots


R3 1.5401
R2 1.5357
R1 1.5306
Pivot 1.5262
S1 1.5213
S2 1.5168
S3 1.5119

 


GBPUSD (1.52): GBPUSD is trading in the support zone off the daily charts and a further decline is possible which could see the Cable test the next main support near 1.5125 - 1.509. On the intraday charts, the immediate minor support at 1.52 could offer some kind of short term bounce which could potentially see a rally towards 1.532 broken support that could be tested for resistance. A decline below 1.52 will pave the way for a clear test to 1.50 lows.

 

 

Friday, 04 Sep, 2015 / 8:31

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

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