Daily Forex Preview for October 14, 2015

October 14, 2015

EURUSD (1.13): EURUSD has been edging higher but is also consolidating into a rising wedge pattern. A breakout to the upside from above the wedge pattern could likely confirm further upside in EURUSD but a breakout to the downside looks more convincing, off the rising wedge and the price channel itself. Support comes in at 1.1348, which if fails could see a decline to 1.1286 through 1.1254 level of support. Price action on the daily charts remains inconclusive at this point so the H4 charts breakout is likely to set the tone in EURUSD in the near term.

EURUSD Daily Pivots

R3

1.1477

R2

1.1443

R1

1.1410

Pivot

1.1377

S1

1.1344

S2

1.1310

S3

1.1277


USDJPY Daily Pivots

R3

120.551

R2

120.315

R1

120.026

Pivot

119.790

S1

119.497

S2

119.261

S3

118.972

USDJPY (119.6): USDJPY has broken out from the rising price channel and is seen to be currently bouncing off the support at 119.52. Short term resistance comes in at 119.775, which if broken could see a rally back to the breakout level. Alternatively, if 119.775 holds as resistance, USDJPY could possibly see some sideways price action between 119.775 and 119.52 before breaking to the downside, targeting 119.145.

GBPUSD Daily Pivots

R3

1.5544

R2

1.5465

R1

1.5356

Pivot

1.5278

S1

1.5168

S2

1.5091

S3

1.4982

GBPUSD (1.528): GBPUSD's decline to 1.5229 yesterday saw prices reversing off this level. The bias in GBPUSD remains to the upside with a test back to 1.5343 on the cards. A close above 1.5343 could see GBPUSD aim for 1.5455 level of resistance which remains untested. On the daily chart, GBPUSD remains well supported after yesterday's decline to 1.5237 but a daily close above 1.533 is required for a rally towards 1.5455.

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