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Daily Forex Preview – 21/09

EURUSD Daily Pivots

R3 1.1604
R2 1.1531
R1 1.1413
Pivot 1.1340
S1 1.1223
S2 1.1150
S3 1.1032

EURUSD (1.13): EURUSD closed on a bearish candlestick pattern on Friday and the bias remains to the downside in the near term. On the H4 chart time frame, plotting the new equidistant price channels, we notice that price is back below the 1.135 level of support resistance. A successful retest of this level for resistance could see EURUSD push lower to the immediate support at 1.125 followed by 1.1135 support. Alternatively, if price closes above the resistance at 1.135, we could expect to see a continuation of the bullish price action with the previous highs of 1.145.

USDJPY Daily Pivots

R3 121.935
R2 121.175
R1 120.578
Pivot 119.818
S1 119.206
S2 118.446
S3 117.849

USDJPY (119.7) USDJPY closed with a doji candlestick pattern on the daily chart indicating indecision to the bias. However, price is trading within a large bearish pennant pattern which is indicating the bias to the downside. Immediate support at 11.915 remains a level that could be likely tested in the near term and a break below this support could see USDJPY decline to as low as 117.25. To the upside, only a break above the resistance of 120.68 will see a further rally to the upper resistance at 122 region.

GBPUSD Daily Pivots

R3 1.5765
R2 1.5711
R1 1.5620
Pivot 1.5567
S1 1.5476
S2 1.5422
S3 1.5331

GBPUSD (1.55): GBPUSD closed Friday's session with a dark cloud cover pattern indicating a potential correction to the downside. The main support comes in at 1.533 and a minor support is at 1.544. On the intraday charts, the reversal off 1.5646 comes right off the resistance level noted on the H4 charts and price is back trading in the ascending price channel. Immediate support is at 1.5456 level with this support level extending to 1.5343. A decline to this support zone cannot be ruled out and the bias remains to the upside as long as price is trading within or above this support level.


Monday, 21 Sep, 2015 / 1:47

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