Daily Forex Preview – 23/04

Apr 23, 8:45 am

EURUSD Daily Pivots

R31.0872
R21.0836
R11.0780
Pivot1.0744
S11.0688
S21.0651
S31.0595

 

EURUSDH1_2304

EURUSD attempted to break higher ground but failed to keep up the gains or close above the previous high at 1.0823. The currency fell from the recent lower highs at 1.08 and is currently trading outside of the falling price channel. Plotting the Andrews’ pitchfork, we notice price action at an important juncture. If price fails to push back into the price channel and settle above 1.07139, we could expect to see a break lower down to 1.0635 levels. The confluence with the median line could offer some support that could result in a minor bounce in prices. For upside rally to materialize, we need to see price to eventually move out from the pitchfork’s upper median line.

USDJPY Daily Pivots

R3120.748
R2120.355
R1120.132
Pivot119.739
S1119.511
S2119.118
S3118.899

 

USDJPYH4_2304

USDJPY broke out from the falling price channel and looks poised for further upside gains. A retest to the daily pivot level and to 119.6 is quite a possibility and if the support holds, USDJPY could target 120.263. Failure to support prices near 119.6 could weaken the upside bias and set the stage for another leg down towards 118.9.

GBPUSD Daily Pivots

R31.5272
R21.5176
R11.5106
Pivot1.501
S11.494
S21.4843
S31.4773

 

GBPUSDH1_2304

GBPUSD enjoyed a good rally yesterday after breaking above the resistance at 1.495 and making a new monthly high above 1.50. Price action is currently forming a bullish flag and an upside breakout could see price post fresh highs to 1.515. To the downside, a break below the recent lows to 1.50 could see the cable retest the broken resistance at 1.4955 for support while weakening the case for further upside gains.

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