EUR/USD, USD/JPY, GBP/USD Pivot Points, TA – August 6

EURUSD Daily Pivots

 

EURUSD (1.09): The Single currency reversed from the lows yesterday after testing the lows near 1.08472. The retracement from the lows is likely to be capped near the previously broken support which could now turn to resistance near 1.095 through 1.09275. A successful test of resistance here could see EURUSD fall back to test the next support at 1.082. Alternatively, a break above 1.095 could see a potential test back to 1.1 and could threaten a break of the falling price channel which could then see a rally towards 1.1135.

USDJPY Daily Pivots

USDJPY (124.7): USDJPY saw a test to 124.775 level of minor support/resistance. We can expect price action to trade sideways from here ahead of the test to 125.65. There is a possibility for USDJPY to dip down to the previously broken range high at 124.436. The currency remains well supported at the current levels above 124. However a break below 124 could put the USDJPY rally in question as prices could fall back lower to 123 support. Watch the minor trend line to offer any early clues into the downside momentum that could kick in.

GBPUSD Daily Pivots

GBPUSD (1.56): GBPUSD formed an inside bar on the daily chart yesterday and it will be interesting to watch how the price action will play out. The resistance at 1.565 remains intact and a break above this level will see a possible test to 1.579 region. To the downside, price action attempted to test the support at 1.55 but failed to do so. The downside risks therefore remain if the resistance at 1.565 is successful in capping the gains.

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