Daily Forex Preview 22 Jan: 2015, Guest post by John Benjamen at Orbex

Guest post by John Benjamen at Orbex   EURUSD Daily Pivots

R3 1.1814
R2 1.1745
R1 1.1677
Pivot 1.1609
S1 1.1541
S2 1.1472
S3 1.1404

EURUSD is trading within the trend lines spotted with the major falling trend line coming in well to resist any rallies. The H1 chart shows the formation of a small doji candlestick indicating weakness to the upside. We could therefore expect a minor decline to the downside and on break of the small rising trend line, EURUSD could potentially be looking at targeting 1.1491 in the short term. Alternatively, a break of the falling trend line could see an immediate rally towards 1.171.

USDJPY Daily Pivots

R3 120.431
R2 119.63
R1 118.795
Pivot 117.994
S1 117.159
S2 116.358
S3 115.523

USDJPY price action looks like it would potentially rally further up to test the break out level at 118.64, although a push higher could also see another test of resistance at 118.87 price zone. If the resistance at 118.97 –  118.87 holds, USDJPY could possibly look towards declining lower targeting the initial support at 118 followed by 117 and eventually down to 116. A close above 119 could however change the bias.

GBPUSD Daily Pivots

R3 1.5286
R2 1.5232
R1 1.5187
Pivot 1.5133
S1 1.5088
S2 1.5034
S3 1.4989

GBPUSD sits at a critical juncture. A break to the upside will see the rally be capped only near the previous broken support of 1.525 price zone. However price action needs to give a clear confirmation above 1.5153 level to validate this idea. To the downside, a break of the rising trend line and the horizontal support at 1.5112 could potentially make way for more declines towards 1.50.


 

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