Home EURUSD, GBPUSD, USDJPY TA, Pivot Points – May 6 2015
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EURUSD, GBPUSD, USDJPY TA, Pivot Points – May 6 2015

EURUSD Daily Pivots

R3 1.1405
R2 1.1313
R1 1.1249
Pivot 1.1157
S1 1.1091
S2 1.0999
S3 1.0935


EURUSD broke below 1.117 level yesterday but quickly recouped its losses to rally back above 1.117. Price action has now formed a bullish flag pattern, which shows a potential move to the upside to 1.13575 and eventually to 1.149. A retest to 1.11705 cannot be ruled out however. A break below this level will see the currency turn bearish in the short term with a correction likely to 1.10. Within the larger scope, there also looks to be a double bottom in place near 1.05396 with the resistance at 1.10052 through 1.10034. This pattern gives a target to 1.13. We expect price to rally to 1.13 while the bullish flag’s target to 1.149 is likely to take a while longer.

USDJPY Daily Pivots

R3 121.103
R2 120.803
R1 120.323
Pivot 120.023
S1 119.543
S2 119.243
S3 118.763


USDJPY has been ranging near 120.26 and 120.036. A break above 120.26 is essential in order to see more gains towards 120.73 levels. However, is resistance at 120.036 through 120.26 holds, USDJPY could yet again decline towards 119.65, the break out from the falling price channel.

GBPUSD Daily Pivots

R3 1.5365
R2 1.5291
R1 1.5235
Pivot 1.5161
S1 1.5107
S2 1.5033
S3 1.4977


GBPUSD has been trading between 1.51225 and 1.52 for the past few sessions. There is a pending retest near 1.528, which could be achieved if price action heads higher. In the near term, GBPUSD looks poised to the downside with the immediate supports at 1.5 and 1.495 levels. A break below these levels will see a test to 1.4724 and 1.463.

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]