| R3 | 1.0738 |
| R2 | 1.0714 |
| R1 | 1.0677 |
| Pivot | 1.0653 |
| S1 | 1.0617 |
| S2 | 1.0592 |
| S3 | 1.0555 |
EURUSD (1.06): EURUSD's bearish close yesterday below 1.0697 support off the daily chart increases the likelihood for further declines to 1.0488 in the near term with the possibility of a bounce back to the broken support to establish resistance. On the H4 chart, the resistance is identified near 1.0701 where a retest is likely to happen. Failure to break the resistance between 1.0701 through 1.0697 could see continued declines in EURUSD to 1.0488. The upside is also limited by the next main resistance level at 1.08206 region.
| R3 | 123.879 |
| R2 | 123.678 |
| R1 | 123.557 |
| Pivot | 123.366 |
| S1 | 123.245 |
| S2 | 123.054 |
| S3 | 122.933 |
USDJPY (123.2): USDJPYhas formed a bullish flag patter on the daily charts with prices breaking outyesterday following a bullish engulfing candle the day before. prices arecurrently posting a decline but the downside is likely to be limited to 122.932support, while to the upside the rally could see a test to 124.775 region. Onthe H4 chart, with the support resistance at 123.088 being broken, this levelis likely to be tested for support ahead of further rallies. Failure toestablish support at 123.088 could however turn the USDJPY sentiment withdeclines likely to see a test to 121.921 support.
| R3 | 1.5332 |
| R2 | 1.5285 |
| R1 | 1.5248 |
| Pivot | 1.5202 |
| S1 | 1.5165 |
| S2 | 1.5118 |
| S3 | 1.5081 |
GBPUSD (1.52): GBPUSD's daily price action saw a doji candle being formed yesterday limiting the downside for the moment. However, with prices stuck below resistance level at 1.5237 further test to 1.5121 is likely. On the H4 charts, prices are moving sideways near the 1.5217 - 1.52 region, with the support at 1.5136 and resistance of 1.5288 being the first levels of support and resistance which needs to be broken to establish a bias.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.