Home EURUSD, GBPUSD, USDJPY Pivot Points, TA – Mar. 9 2015
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EURUSD, GBPUSD, USDJPY Pivot Points, TA – Mar. 9 2015

EURUSD Daily Pivots

R3 1.116
R2 1.1096
R1 1.097
Pivot 1.0904
S1 1.0778
S2 1.0712
S3 1.0586

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EURUSD declined to new multi year lows trading at 1.084 levels. The next major support comes in at 1.051 levels but we suspect a bounce could be in store, back to the broken support at 1.117 levels. With upside gains capped to this resistance level initially followed by the falling trend line which also shows a descending triangle pattern on the 4-hour charts.

USDJPY Daily Pivots

R3 122.739
R2 122.012
R1 121.356
Pivot 120.63
S1 119.974
S2 119.248
S3 118.592

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USDJPY tested the short term support at 119.525 levels and rallied towards 120.8 as expected from our previous analysis. We can expect a small dip down to the previous broken resistance at 120.465 before a further rally resumes. To the upside the major resistance comes in at 123 levels and as long as the support at 120.465 through 120.16 holds, we can expect to see this bullish momentum to continue.

GBPUSD Daily Pivots

R3 1.5411
R2 1.5333
R1 1.5188
Pivot 1.5110
S1 1.4964
S2 1.4886
S3 1.4741

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GBPUSD broke down through the support levels at 1.52858 and 1.52 levels and looks to be briefly bouncing off the major falling price channel’s upper trend line. This bounce could see a modest rally either towards the daily pivot or back to 1.52 levels before the bearish trend resumes. A break of the trend line is expected for GBPUSD to dip lower back to 1.502 levels.

John Benjamin

John Benjamin

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]