Daily Forex Preview for August 05, 2015

August 5, 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.

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