EURUSD, GBPUSD, USDJPY Pivot Points, TA – Apr. 9 2015

EURUSD Daily Pivots

 

EURUSD failed in its attempt to break above the previously noted support/resistance level at 1.0857 region, which saw the currency decline lower to test the next support at 1.08155 and 1.07778. Plotting the median line, we notice that price action is currently hovering between the upper and median lines, which could see the declines down to 1.073 levels in the short term. Upside bounces are likely to be contained near the confluence of the broken support and the daily pivot level at 1.08155. A breakout from the upper median line will probably give the first indication of a potential move to the upside, but for now the EURUSD remains poised to decline.

USDJPY Daily Pivots

USDJPY managed to rally towards 120.312 but looks to be struggling to break higher. Price action is also supported by the horizontal resistance line and the falling trend line of the rising price channel. In any case, a break and test of 120.26 is essential to hint at further upside rallies. Overall, USDJPY does look bullish provided the 120.26 levels turns to support to contain any declines. To the downside, price could essentially test the previous lows at 119.615.

GBPUSD Daily Pivots

GBPUSD managed to test the range highs of 1.495 yesterday but gave up its gains resulting in a sharp decline in prices. However, with the right shoulder being established in the inverted head and shoulders pattern, GBPUSD could possibly attempt another go at the resistance at 1.495, which could see a possible break this time around. If successful, the inverted head and shoulders pattern could be in play which could see price reach towards 1.508 levels. Alternatively, a dip down to the lower end of the range at 1.475 could invalidate the idea.

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