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Daily Forex Preview 08/05

Posted on May 8, 2015 06:39

EURUSD Daily Pivots

R3

1.1513

R2

1.1451

R1

1.1357

Pivot

1.1295

S1

1.1203

S2

1.1142

S3

1.1047

 

EURUSD has formed a bearish reversal on the daily charts yesterday near 1.1285 and on the 4-hour chart, we notice price failing to break above 1.13575 and turned lower below 1.12547. Further declines will see a test to 1.11705. If this level fails to support prices, we could see a minor retest to 1.12547 to test as resistance and a steeper decline down to 1.10034 through 1.10052. Depending on the momentum, price could look to eye for 1.08206, previously broken resistance level that is untested for support.

USDJPY Daily Pivots

R3

120.855

R2

120.355

R1

120.046

Pivot

119.55

S1

119.241

S2

118.745

S3

118.44

USDJPY saw a reversal on the 4-hour chart after forming a doji candlestick. Price action broke above 119.65 levels and looks poised for a test to 120.28. A break above this level is needed to see a test towards 120.78. Price action is also looking to start a new leg higher within the new rising price channel.

GBPUSD Daily Pivots

R3

1.5403

R2

1.5338

R1

1.5291

Pivot

1.5226

S1

1.5179

S2

1.5116

S3

1.5068

GBPUSD has surged higher in early trading today after forming a doji candlestick on the daily charts. Price action is currently struggling near previous highs of 1.545 levels just above the resistance at 1.5538 after breaking out from its upper level of 1.525 in the range. Failure to break above resistance will see GBPUSD potentially test back to 1.525 followed by 1.511 and eventually down to 1.5. On the other hand, a break above the resistance level will pave way for further for the British Pound to post new highs.

Monday, 25 May, 2015 / 12:05

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Source : https://www.orbex.com/blog/

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