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Daily Forex Preview – 05/10

EURUSD Daily Pivots

R3 1.1375
R2 1.1331
R1 1.1259
Pivot 1.1215
S1 1.1143
S2 1.1099
S3 1.1028

EURUSD (1.117): EURUSD attempted to test and possibly break above the resistance level of 1.12845 yesterday but failure to close above and the strong rejection near this level of resistance saw the currency close lower but remains range bound with lower support at 1.1118. The close below 1.12 level of short term support/resistance indicates a possible test back to 1.12 to establish minor resistance in which case, EURUSD could decline lower to 1.1135 support. To the upside, only a close above 1.1254 with a test of support at this level could see the bias shift to the upside for a target to 1.1315/1.13 level of major resistance.

USDJPY Daily Pivots

R3 121.40
R2 120.976
R1 120.716
Pivot 120.292
S1 120.037
S2 119.613
S3 119.354

USDJPY (120.4): USDJPY closed bullish yesterday and is attempting another break to the upside from the daily chart consolidating triangle pattern. Prices are currently trading above the triangle pattern and any further upside could see resistance near 120.97 through 121.48. On the intraday charts, support comes in at 120.275, which if established as support, a test to 121 cannot be ruled out. A close below 120.275 could however bring USDJPY back into the sideways range with support at 119.52.

GBPUSD Daily Pivots

R3 1.5320
R2 1.5282
R1 1.5213
Pivot 1.5175
S1 1.5107
S2 1.5067
S3 1.4999

GBPUSD (1.516): GBPUSD closed on a bearish note after prices briefly tested the resistance level of 1.5237 on the daily chart. Yesterday's price action formed a bearish dark cloud cover pattern which could indicate prices being pressured to the downside above the suport at 1.5121. On the intraday charts, the failure to close above the highs of 1.5223 has led to another modest decline in GBPUSD, but with the bullish divergence being strong, the Cable could gain ground in the near term. The current H4 candle it attempting to close on a bullish note which comes after a doji candlestick pattern near the support of 1.5136.

Tuesday, 06 Oct, 2015 / 12:07

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