Daily Forex Preview for August 24, 2015

24 August, 2015

EURUSD Daily Pivots

EURUSD (1.14): EURUSD rallied on Friday with strong momentum and today's early price action managed to test the upper resistance at 1.1491. We suspect that a pullback is in order and the most likely support levels come at 1.13575 - 1.1335. Failure to support prices here could see a further decline to the next untested support at 1.117 - 1.1135 region.  Plotting a new rising price channel, we see that EURUSD has broken to the upside from the rising price channel and therefore a potential retest down to 1.117 - 1.1135 looks more evident.

R3

1.1566

R2

1.1470

R1

1.1420

Pivot

1.1323

S1

1.1272

S2

1.1177

S3

1.1127

USDJPY Daily Pivots

R3

124.835

R2

124.157

R1

123.145

Pivot

122.478

S1

121.466

S2

120.799

S3

119.787

USDJPY (121.1): USDJPY's failure to break above the highs of 124.5 has seen the currency pair decline down to test the lows of 120.791. This test of previous support is likely to hold as we expect to see a retracement to this decline. Potential resistance levels comes in at 122 - 121.7 followed by 123.125 - 123 region. Further declines are most likely to be supported at the current support level of 120.80.

GBPUSD Daily Pivots

R3

1.5793

R2

1.5785

R1

1.5728

Pivot

1.5692

S1

1.5663

S2

1.5627

S3

1.5597

GBPUSD (1.56): GBPUSD continues to stay range bound above the support level of 1.56465. Price action briefly attempted to break higher but saw a lower close above the support. As long as 1.56465 holds, GBPUSD could see some upside gains to test the next resistance at 1.58 region. To the downside, a break below support could send GBPUSD lower and potentially to test the lower end of the rising price channel below previous lows of 1.556.

www.orbex.com


Source link  
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...

Unemployment Steady, USD Firms

The payrolls report for March saw the US economy adding 196,000 jobs during the month. This beat expectations of a 175,000 increase for the period...

  


Share it on:   or