EUR/USD, USD/JPY, GBP/USD Pivot Points, TA – August 19

EURUSD Daily Pivots

 

EURUSD (1.1): EURUSD posted sharp declines yesterday off the resistance zone at 1.117 – 1.1135. Price action is trading a few pips above the support zone at 1.10085 which also marks the break out from the falling price channel. There is a considerable risk of a reversal from the current levels with a potential rally back to 1.1135 region. To the downside a test to 1.10085 will be required ahead of the next big move in EURUSD. To the downside, support levels at 1.095 and 1.09275 will offer some level of support ahead of a decline back to previous lows. To the upside, a break of 1.117 is needed to pave way for further gains to 1.1335.

USDJPY Daily Pivots

USDJPY (124.2): USDJPY continues with its sideways consolidation but remains biased to the upside above 124. With prices trading flat for the past two weeks, we could expect a possible test to 124 support before the next move. Above 124 support, USDJPY could attempt to break free off the resistance at 124.5 in order to test the previous highs, while to the downside the risk of failure of support at 124 could see a decline to 123.695.

GBPUSD Daily Pivots

GBPUSD (1.56): GBPUSD managed to break above the resistance at 1.56465 yesterday but remains doubtful of further gains to 1.58 unless support is established at the recently broken resistance. A firm test of support at 1.56465 could see GBPUSD rally to the next major resistance at 1.58. To the downside, if GBPUSD trades back below the resistance, we could expect further continued consolidation to take place, marking a near 6-week of sideways price action in GBPUSD.

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