Daily Forex Preview for August 10, 2015

August 10, 2015

EURUSD (1.09): EURUSD has posted three straight sessions of gain on the daily chart and the H4 chart's strong bullish engulfing candle on Friday has seen the currency surpass the previously identified support/resistance level. Price action is still trading in this zone between 1.0952 and 1.09275. A successful break out of the falling price channel will see a test to 1.10 level which could then pave way for either a rally to 1.1135 or if tested successfully for resistance, we could expect EURUSD to fall back to 1.082 lows.

EURUSD Daily Pivots

R3

1.1129

R2

1.1052

R1

1.1007

Pivot

1.0930

S1

1.0882

S2

1.0805

S3

1.0758

USDJPY Daily Pivots

R3

125.8

R2

125.425

R1

124.825

Pivot

124.465

S1

123.865

S2

123.505

S3

122.905

USDJPY (124.3): USDJPY has been bearish for the two daily sessions but remains supported above 124. If the support holds, USDJPY could see a test to 125.5 as the next level of resistance to be tested. On the H4 time frame, price action however broke the minor trend line after briefly rallying above the previous resistance at 124.43. Price action is currently retesting this resistance again and if successful, USDJPY could decline back to 124. We expect some consolidation to take place before the next move. To the downside, if 124 fails as support, USDJPY could see a test to the previous range low near 123.695 and eventually to 123.

GBPUSD Daily Pivots

R3

1.5669

R2

1.5607

R1

1.5549

Pivot

1.5487

S1

1.5428

S2

1.5366

S3

1.5308

GBPUSD (1.54): GBPUSD is currently trading in the support zone at 1.551 through 1.5455. Price action could remain sideways for a while before a break out. To the upside, GBPUSD will see a struggle near 1.565 resistance which has held despite numerous attempts to break the resistance. To the downside, if price clears the lower support at 1.5455, GBPUSD could dip towards 1.5327.

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