Daily Forex Preview – 02/04

2 April, 2015

EURUSD Daily Pivots

R3 1.0883
R2 1.0841
R1 1.0801
Pivot 1.0759
S1 1.0720
S2 1.0678
S3 1.0638


EURUSD looks to have found a base near the 1.073 levels having tested the price point multiple times. The slow and gradual breakout from the falling price channel is indicative that EURUSD could possibly break out from the price channel and push higher. Immediate overhead resistance at 1.08 has to be cleared, in order for price to make further gains to 1.085. To the downside, we expect a minor decline back to 1.073 levels, which now proves to be a strong support with the confluence of the trend line of the price channel along with the horizontal support level.

USDJPY Daily Pivots

R3 121.167
R2 120.748
R1 120.253
Pivot 119.834
S1 119.339
S2 118.921
S3 118.425

USDJPY managed to form a falling price channel after bounce off the lows at 118.414 on 25th March. A minor trend line plotting this up move shows price action to have broken the trend line and currently hovering near the break out level at 119.86 level. If prices are capped here, we can expect another decline but with a possible bounce at 119.38 followed by an eventual dip to 118.414. Any rallies are likely to be limited by the strong resistance levels from 119.86 and higher.

GBPUSD Daily Pivots

R3 1.5014
R2 1.4943
R1 1.4883
Pivot 1.4811
S1 1.4751
S2 1.4678
S3 1.462

GBPUSD has made several attempts to break out from 1.482 but has so far managed to rise above this level again. While price action continues to remain strongly sideways, a breakout is imminent. While to the downside, multiple support levels come in at 1.4722 and 1.4635, to the upside, there is virtually no resistance on break of 1.495.

www.orbex.com

Markets cautious on trade tensions

The markets were trading cautiously albeit amid a slight risk-on sentiment prevailing. US stocks closed slightly higher while safe haven assets shed...

Risk off sentiment sends gold higher

Investors continued to shun risk assets on Thursday amid a mix of global themes. The stalemate in the US and China talks alongside rumors that the US...

Market Reaction As Higher Tariffs Kick In

The markets were trading mixed by Friday's close after the tariffs on goods imports from China were hiked from 10% to 25%. This came as the US and China...


USD Strengthens On ADP Payrolls

The latest monthly private payrolls data from ADP/Moody's Analytics showed that employers added 275k jobs in April. This beat estimates of a 181k increase...

BoC Holds Rates Steady

The Bank of Canada's monetary policy meeting yesterday saw the interest rates unchanged at 1.75%. However, the central bank cut the GDP forecasts...

Markets Open To A Quiet Trading Day

Economic data is sparse with only the release of the US new home sales report later in the day. The quiet start to the week comes ahead of some key...


Dollar Muted As Equities Rally Ease Off

The US dollar closed Monday's session unchanged as earnings reports from Goldman Sachs and Citi Group missed expectations, blaming the US economy....

Market Risk Appetite Wanes

The International Monetary Fund (IMF) cut its global growth outlook once again. For the year 2019, growth is forecast to rise by 3.3% compared...

USD retreats as factory orders weaken

The monthly factory orders report showed a 0.5% decline on the month matching estimates. The declines in February marks a fourth consecutive...

  


Share it on:   or