Daily Forex Preview for January 05, 2016

January 5, 2016

EURUSD Daily Pivots

EURUSD (1.08): EURUSD's attempted rally was capped near 1.095 - 1.0932 as aniticpated and with prices being rejected at this level, EURUSD declined sharply back to the familiar support at 1.0815 - 1.08 which marks the head and shoulders pattern's neckline off the daily chart. A break below 1.0815 - 1.08 is essential for further downside to 1.0633 which marks the measured move to the downside. Failure to break the neckline could indicate a renewed momentum with the potential to break above 1085 - 1.0932 resistance and could potentially invalidate the head and shoulders pattern. The Stochastics is currently looking bullish and we expect to see a minor move to the upside ahead of the declines.

R3

1.1089

R2

1.1017

R1

1.0924

Pivot

1.0852

S1

1.0759

S2

1.0687

S3

1.0594

USDJPY Daily Pivots

USDJPY (119.4): USDJPY broke down to new lows below 119 yesterday but managed to pull back strongly. Price action however still remains within yesterday's range and only a break out off the high or the low from yesterday's range will signify further directional bias. To the downside, support at 119.14 remains a short term key level which if holds could see a move to 120.815 region on the 4-hour chart. With the Stochastics moving up from the 20 oversold level, a short term correction is very likely.

R3

122.135

R2

121.298

R1

120.365

Pivot

119.527

S1

118.606

S2

117.771

S3

116.827

GBPUSD Daily Pivots

GBPUSD (1.47): GBPUSD's attempt to reverse off the 1.471 handle failed but prices on the daily chart closed out with a small bodied candlestick pattern with large wicks. This indicates a potential indecisive markets and a close above yesterday's high of 1.4816 could see a short term correction in GBPUSD. On the 4-hour chart, GBPUSD has managed to find temporary support at 1.47 region. If this support holds, GBPUSD could look to an upside correction taking back the cable to 1.494 level of previous resistance which hasn't been tested firmly. To the downside, a break below 1.47 could see further downside in store.

R3

1.4950

R2

1.4883

R1

1.4797

Pivot

1.4730

S1

1.4644

S2

1.4576

S3

1.4491

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