Daily Forex Preview for August 05, 2015

5 August, 2015

EURUSD (1.08): EURUSD closed on a bearish note yesterday for the second session and confirms the resistance at 1.0975 on the daily charts. On the intraday sessions, the breakdown of prices near 1.095 through 1.09275 is indicating a test of lower support near 1.082. We do anticipate a possibility of a retest to the broken support at 1.09275 as well. The price action near 1.082 will dictate the future course of action EURUSD as a break below 1.082 will likely see a further continuation of the bearish momentum that could see EURUSD test previous lows at 1.04 - 1.05 region.

EURUSD Daily Pivots

R3

1.1059

R2

1.1023

R1

1.095

Pivot

1.0914

S1

1.0842

S2

1.0806

S3

1.0734

USDJPY Daily Pivots

R3

125.186

R2

124.796

R1

124.58

Pivot

124.19

S1

123.985

S2

123.595

S3

123.39

USDJPY (124.4): USDJPY has successfully managed to reverse from the lows near 123.5 and is currently struggling to break above the previous highs near 124.5. Short term resistance is at 124.775 followed by 125.43. On the intraday charts price is back near the upper end of the ranging price action seen the past few weeks. A break of this resistance and a potential retest for support will validate the view for a test to 125.65. However if resistance caps prices, we could see another consolidation take place near 124.

GBPUSD Daily Pivots

R3

1.5686

R2

1.566

R1

1.5611

Pivot

1.5585

S1

1.5536

S2

1.5508

S3

1.5461

GBPUSD (1.55): GBPUSD is attempting to break the minor rising trend line connecting the lows of 8th July and 24th July. But the current break out level is right near a major long term support zone at 1.552 which could make things tricky. On the intraday charts price is now trading outside the rising price channel and just a few pips above the major support zone at 1.5516 through 1.5455. We can expect the support to hold, in which case there could be another test to previous resistance at 1.565. In the event the support at 1.5516 through 1.5455 fails, GBPUSD could aim for a decline to 1.52.

www.orbex.com


Source link  
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