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EURUSD Daily Pivots

R3 1.159
R2 1.1448
R1 1.1368
Pivot 1.1225
S1 1.1146
S2 1.1003
S3 1.0923

 EURUSDH4_0906

EURUSD (1.1099): EURUSD saw a rather choppy trading session yesterday but prices managed to hold above the 1.10 support level. Price action eventually managed to break free above 1.117 which briefly acted as resistance and is now currently a few pips short of the 1.13575 level of resistance A break above 1.13575 is needed to see EURUSD look for further gains towards 1.149 – 1.15 level of resistance.

USDJPY Daily Pivots

R3 126.724
R2 126.201
R1 125.345
Pivot 124.820
S1 123.955
S2 123.43
S3 122.565

USDJPYH4_0906

USDJPY (125.472): USDJPY attempted a rally above 125.5 but failed to break higher, which resulted in a prompt decline back to the break out region of the triangle pattern. If this retest is successful, USDJPY needs to break above 124.8 in order to post higher gains. Failing to do so could see USDJPY test the major support at 124. Current price action also shows the possibility of a test to the longer term trend line which should help in holding the current declines. A break of this trend line however could put the bullish bias to test with 124 support likely to turn crucial.

GBPUSD Daily Pivots

R3 1.5543
R2 1.5453
R1 1.5401
Pivot 1.531
S1 1.5258
S2 1.5168
S3 1.5115

GBPUSDH4_0906

GBPUSD (1.5266): GBPUSD has managed to keep up its bullish momentum after bouncing off the 1.52 – 1.519 support level. But with price still trading within the falling price channel, we could expect to see a break of the upper trend line of this channel. To the upside, the resistance at 1.545 is starting to look increasingly possible for a test of resistance. However, price needs to break above the current 1.535 region and potentially retest this level in order to target 1.545 – 1.55.

In this week’s podcast, we explain why EUR rallied on Draghi, what’s next, discuss oil and gas, run through the Plus500 story and preview next week’s events.

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