Daily Forex Preview for January 14, 2016

January 14, 2016

EURUSD Daily Pivots

EURUSD (1.08): EURUSD remains choppy on the daily session with no clear price action patterns in sight. On the 4-hour chart, we however notice a potential for a bearish reversal provided the current H4 candlestick closes on a bearish note. The doji reversal and the rejection off the outer median line gives a confluence for a downside bias for the short term, with 1.0815 - 1.079 still being tested for support. The strong consolidation at the current levels indicates a potential for a strong momentum led breakout in the near term. A break below 1.0815 - 1.08 will see EURUSD potentially test the previous lows, but unless there is a significant follow up, EURUSD could remain sideways.

R3

1.0990

R2

1.0938

R1

1.0907

Pivot

1.0856

S1

1.0824

S2

1.0773

S3

1.0742

 

USDJPY Daily Pivots

USDJPY (117.7): USDJPY attempted to break above 118.4 resistance but failed. Price action remains volatile at the current levels and the bias is neutral for the moment. Only a break above 118.4 will signal a correction with 121.2 coming into the picture. Alternatively, failure to break 118.4 could signal a move lower with 116.22 acting as support to the downside. Watch for 117.25 in this regard, which could play a key role as establishing support here could signal a move higher. The 4-hour Stochastics is also currently printing a higher lower indicating a possible correction.

R3

118.882

R2

118.634

R1

118.155

Pivot

117.891

S1

117.412

S2

117.164

S3

116.669

 

GBPUSD Daily Pivots

GBPUSD (1.44): GBPUSD has declined in its momentum as price action is finding dynamic support at the current lows. We could therefore possibly expect to see a rebound in GBPUSD to the upside with 1.463 being the likely level of resistance to be tested. The 4-hour chart shows prices continuing to decline but remains above the doji's low that was formed few sessions ago. While the potential to move to the upside remains likely, a break below the doji's low could signal a continuation of the bearish trend.

R3

1.4557

R2

1.4515

R1

1.4462

Pivot

1.4420

S1

1.4365

S2

1.4324

S3

1.4267

 

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