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Daily Forex Preview – 18/08

EURUSD Daily Pivots

R3      1.118
R2      1.1151
R1      1.1114
Pivot   1.1085
S1      1.1046
S2      1.1018
S3      1.0980





EURUSD (1.1): EURUSD has been drifting lower after failing to break the resistance near 1.117 - 1.1135 on breaking the falling price channel. Support lies at 1.10085 region which marks the initial break out from the price channel and we could expect to see a decline to this level of support to the downside. There is a possibility that price could see a rally again in an attempt to test the resistance level. To the upside, a break above the resistance is essential for EURUSD to test the next major resistance at 1.3350. To the downside, a test of support at 1.1 is required for EURUSD to rally and retest the resistance level. There is a risk of a decline to 1.0975 through 1.09275 level of lower support. A close below 1.09275 could see EURUSD possibly decline lower towards 1.082 which remains untested for support.


USDJPY Daily Pivots

R3      124.91
R2      124.742
R1      124.568
Pivot   124.394
S1      124.211
S2      124.037
S3      123.863


USDJPY (124.4): USDJPY has consolidated near the 124.4 level of support/resistance after a break of the minor trend line. The bias remains to the downside for a test to 124 which marks a major support/resistance level. To the downside, if 124 fails to support prices, USDJPY could decline to 123.7 and to 123 support. To the upside, USDJPY will need to rally above the current resistance highs of 124.4 and preferably establish support in order to test the previous highs above 125.15.


GBPUSD Daily Pivots

R3      1.5766
R2      1.5727
R1      1.5657
Pivot   1.5617
S1      1.5547
S2      1.5508
S3      1.5438


GBPUSD (1.55): GBPUSD has failed to clear the resistance at 1.56465 in as many as four attempts so far. However, with price trading above the falling trend line, we could expect some bias to the upside. But with prices trading in the new rising trend line, the support at 1.5516 remains a likely point of test to the downside before prices can break free. To the upside, a break above 1.56465 is needed for a rally towards 1.579 region.

Tuesday, 18 Aug, 2015 / 11:47

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