Daily Forex Preview – 05/05

May 5, 2015

Guest post by John Benjamin at Orbex

EURUSD Daily Pivots

R3 1.1306
R2 1.1264
R1 1.1205
Pivot 1.1163
S1 1.1102
S2 1.1060
S3 1.100

EURUSD has been gradually drifting lower since yesterday after failing to make any further gains after hitting a peak at 1.1268. Price action was hovering near 1.117 levels and looks to hold as resistance for the moment, which could see EURUSD decline towards 1.1 support level. The upper trend line of the price channel could act as a short term support for prices, which if fails could see a decline. To the upside, a break above 1.117 and a test of support at this level is needed to make way for further gains.

USDJPY Daily Pivots

R3 120.55
R2 120.413
R1 120.271
Pivot 120.134
S1 119.992
S2 119.855
S3 119.714

USDJPY has hit the resistance at 120.26 as noted in yesterday's analysis. We see multiple rejections at this level through 120.036. A break lower will see price retest 119.65 which could then see another attempt to the upside. A close above 120.26 and a test of support is needed in order to aim for 120.78 level. To the downside, if price fails to hold at 119.65, USDJPY could yet again turn bearish and test the previous lows near 119.

GBPUSD Daily Pivots

R3 1.5251
R2 1.5212
R1 1.5165
Pivot 1.5128
S1 1.5080
S2 1.5042
S3 1.4996

GBPUSD broke out from the rising price channel but looks to be consolidating near 1.511 levels. We could expect to see a bounce back to the break out at 1.528 as a retest. Only a close above the previous high will make way for further gains but resistance comes at 1.553 levels. To the downside, support comes at 1.50 followed by 1.496.

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