Forex Daily Preview – May 06th 2015

Forex Daily Preview – EURUSD, USDCAD, USDJPY, GBPUSD

Good morning all,

After mixed economic results yesterday, the dollar weakened eventually helping its counter parts to gain some profits. Let’s see:

EURUSD

The Euro\ Dollar slide during early London session to the 1.107 S&R level. But then, started climbing back, completing a smooth bearish cypher not long ago.

cT_cs_9590315_EURUSD_2015-05-06_08-10-05

As for the next steps: a break above the 1.1235 will set the 1.128 as it next target, with a possible pause around the 1.1255 price level. Breaking the 1.128 S&R level, will indicate a strong shift in sentiment, setting new highs such as: 1.1345 and 1.14, as imminent targets. Not breaking and going lower, will cause the pair to slide back down and retest the levels between the 1.107 and the 1.128.

USDJPY

The Dollar\ Yen tried to climbed up and reach the 120.6 S&R level, but with no success. The push from below wasn’t strong enough, and the pair fall short and slide strongly back to the 119.9 price level.

cT_cs_9590315_USDJPY_2015-05-06_08-27-22

As for the next steps: as you might understand already, the descending triangle breached is no longer valid\ relevant. Regardless to that, a break below the 119.9, will set the 119.55 as its 1st target, and the 119.2 as its 2nd. Not breaking below, will set the 120.2 as it next target, before any big move.

USDCAD

The Dollar\ Loonie slide yesterday, completing the anticipated bullish cypher, which also completed a 38.20% retracement

cT_cs_9590315_USDCAD_2015-05-06_08-34-07

As for the next steps: A continuation of the slide down, will set the 1.202 as it 1st target, and the 1.199 as its 2nd. Going higher, will set the 1.209 as its 1st target, and then we’ll see.

GBPUSD

The Pound\ Dollar climbed eventually yesterday to the 1.52, and with a contradiction to the Construction PMI results.

cT_cs_9590315_GBPUSD_2015-05-06_08-39-32

A continuation of the climb up, will set the 1.526 as its 1st target, and the 1.531 as its 2nd. sliding back down, will set cause the pair to consolidate around the 1.52, and if it will break, it will set the 1.514 as its next target.

Good luck and take care!

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David Willson
About the Author
FXTP - Because it's all about the process. FXTP is a personal blog of Forex Technical Analysts, that shares their trading ideas, analysis and actions in the Forex market. Specialized in harmonic pattern trading and Support and resistance level identification and trading. The purpose is to create a strong professional and skilled traders, in order to brainstorm the market behavior and to Identify and Predict what will happen next, and what actions should or should not be done. You can visit our website by clicking HERE

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