5 May, 2015
Guest post by John Benjamin at Orbex
EURUSD Daily Pivots
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
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
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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