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Daily Forex Preview – 08/09

EURUSD Daily Pivots

R3 1.1246
R2 1.1210
R1 1.1189
Pivot 1.1154
S1 1.1133
S2 1.1099
S3 1.1076

EURUSD (1.12): EURUSD is seen retracing some of the declines caused late last week after the currency posted a low to 1.1089 two days ago. Price action is trading below the resistance level of 1.12845 which could cap any rallies on the daily chart. On the intraday charts we see that the support at 1.117 - 1.1135 has managed to hold the declines and the current rally is retracing the break out from the rising price channel. As long as prices are below the 11357 - 1.1335, we could expect to see further declines in store for the EURUSD with the first target coming in at 1.117 - 1.1135 and eventually to 1.10. To the upside, in the event price breaks above 1.13575 - 1.1335, we could expect a sharper correction towards 1.15.

USDJPY Daily Pivots

R3 120.428
R2 120.001
R1 119.642
Pivot 119.215
S1 118.857
S2 118.43
S3 118.054

USDJPY (119): USDJPY attempted to rally yesterday but today's price action is seemingly pointing to a further downside decline. Price action is trading near the 119.10 support/resistance level as of now. To the downside, the next main support is at 117.25 which also show a confluence with the trend line of the falling price channel. Any bounces to the upside will need to see support being established above 119.1 which will see a rally towards 120.8 resistance and eventually to the 121.9 - 122 region of resistance.

GBPUSD Daily Pivots

R3 1.5436
R2 1.5362
R1 1.5319
Pivot 1.5245
S1 1.5202
S2 1.5128
S3 1.5084

GBPUSD (1.53): GBPUSD has managed to stage a strong rally after prices found support near 1.52 - 1.519 yesterday. To the upside, the broken support at 1.532 is likely to be tested for resistance which could see a renewed decline potentially breaking the previous support at 1.52 to target 1.50. In the event GBPUSD rallies above 1.532, GBPUSD could see a sharper correction, testing the next main resistance zone near 1.55 - 1.5455.

Tuesday, 08 Sep, 2015 / 2:03

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