Daily Forex Preview for December 28, 2015

28 December, 2015

URUSD Daily Pivots

EURUSD (1.09): EURUSD reversed the losses from December 23rd's price action and closed on a bullish note the following day. Price action remains on a bullish note at today's open with EURUSD currently testing the highs near 1.0973. Plotting the median line to the most recent price action, we anticipate a move to 1.10 resistance if the bullish momentum continues. A move to the upside would still keep the head and shoulders pattern on the daily chart in play but comes at a risk of a move higher. A close above1.1025 would invalidate the pattern. Therefore 1.10 is likely to be a key level to watch for. To the downside, 1.085 remains a strong support level that could be tested in the near term.

R3

1.1040

R2

1.1003

R1

1.0978

Pivot

1.0941

S1

1.0914

S2

1.0877

S3

1.0852

USDJPY Daily Pivots

USDJPY (120.4): USDJPY is attempting to recover some of the losses from the past five days with price trading near 120.4 after touching the lows of 120.167 in early trading today. Resistance at 121.2 remains a key level to watch for. On the 4-hour chart, the downward consolidation remains in play and only a break of the upper trend line would signal a move to 121.2 region ahead of a break of 120.815 minor support/resistance. The Stochastics oscillator on the 4-hour chart remains in the oversold level but pointing higher could signal a short term correction in prices. There is also the strong bullish engulfing candlestick pattern formed on the 4-hour chart which could signal a move to the upside unless it is invalidated with a doji candle that has formed right after.

R3

121.487

R2

121.234

R1

120.753

Pivot

120.500

S1

120.023

S2

119.767

S3

119.283

GBPUSD Daily Pivots

GBPUSD (1.49): GBPUSD is attempting to post a third day of gains with price trading near 1.492 at the time of writing. The reversal comes off an inside that was formed on December 23rd. With price closing above the high of 1.4908 we could expect to see a follow through to the upside. On the 4-hour chart, price is close to the resistance zone of 1.496 - 1.494. Only a clean break above this resistance level will signal a move to the upside with the next main resistance at 1.51 coming into the picture. To the downside, failure to break above 1.496 will signal a continued decline lower.

R3

1.5043

R2

1.4994

R1

1.4961

Pivot

1.4912

S1

1.4878

S2

1.4829

S3

1.4797

www.orbex.com


Source link  
US dollar hit by Trump's comments

The U.S. dollar fell sharply across the board yesterday after the U.S. President Trump in an interview...

Gold gives up gains

The U.S. dollar lost ground yesterday amid a slow trading day with lack of any clear catalysts for the markets. The speech by Janet Yellen did not offer anything new for the markets...

Inflation in Mexico set to rise on higher fuel prices

Mexico's inflation is likely to be boosted higher as the government announced that it would be hiking fuel prices by nearly one-fifth from January. The government said that fuel price ceilings will be capped between 14.2% - 20% above December's prices...


Regional manufacturing indexes point to a stronger ISM manufacturing PMI

The Institute of Supply Management's Purchase Managers Index data is one of the most widely watched indicators. It is considered to be a leading indicator which gauges the strength in the U.S. manufacturing sector...

USDJPY Trims Gains. Support Seen At 104 - 103

A fairly quiet Monday saw USDJPY retreating from its recent highs ahead of the big events this week. USDJPY has retraced its gains and now trades just above the support level of 104. The markets look to another slow day today with no major events on the tap, leaving the bulk of trading on the technical aspects...

Dollar Supported, Heading Into FOMC

A quiet economic calendar today ahead of the FOMC and BoJ meetings this week could keep prices fairly flat. The US dollar looks well supported moving into the FOMC meeting first which could keep the euro subdued...


EURUSD Remains Supported Above 1.110

The Bank of England's decision to hold monetary policy steady saw the GBP surge against the US dollar, clearing 1.32 with 1.36 now coming into focus...

GBPUSD Moving Closer To Test 1.32. USDJPY Aiming For 104

Political developments in Japan and the UK saw the respective currencies react in the positive. While the GBP managed to close bullish on news that Theresa May is likely to be the new PM...

GBPUSD could test 1.32 on the descending wedge

Markets were trading cautiously yesterday after the initial positive sentiment flipped led by declines in Oil. ADP payrolls report yesterday showed 172k jobs being added to a better than expected jobless claims as well...

  


Share: