Daily Forex Preview – 27/04
EURUSD Daily Pivots
R3 | 1.1028 |
R2 | 1.0963 |
R1 | 1.0914 |
Pivot | 1.0849 |
S1 | 1.0799 |
S2 | 1.0733 |
S3 | 1.0683 |
EURUSD is looking poised for a move higher, towards the bullish flag’s measured target of 1.098. Current price action is looking to establish support near 1.08211 and a successful test of support here could see the pair push higher. There is however a risk that the support at 1.08211 could fail, in which case, EURUSD could dip a bit lower towards the daily support level. As long as price is held within the rising price channel, our upside bias for EURUSD remains intact.
USDJPY Daily Pivots
R3 | 120.282 |
R2 | 119.969 |
R1 | 119.449 |
Pivot | 119.136 |
S1 | 118.615 |
S2 | 118.298 |
S3 | 117.777 |
USDJPY failed to rally above 120.040 which saw the pair fall back into the price channel. We now expect price to dip lower, towards 118.5 support level but price action could remain choppy at the current levels near 118.9 considering it is a strong support level. If support manages to hold declines, USDJPY could attempt another break out to the upside.
GBPUSD Daily Pivots
R3 | 1.5395 |
R2 | 1.529 |
R1 | 1.5237 |
Pivot | 1.5132 |
S1 | 1.5078 |
S2 | 1.4974 |
S3 | 1.492 |
GBPUSD managed to rally and reach its bullish flag target of 1.515. Price action is currently flat at this level and we expect to see a test of the broken resistance at 1.515 for support, which could then pave way for more gains in GBPUSD. Support level comes between 1.515 and the daily pivot level. If this support gives way, GBPUSD could turn bearish and the bias would be confirmed on break of the price channel. However, as long as price is within the rising price channel, we look for further gains in GBPUSD.