GBPUSD: Still bearish.

August 12, 2014

Article by ForexTime

EURUSD H4
Resistance 1.3403 1.3422 1.3434
Support 1.3372 1.3360 1.3341
Primary Scenario The pair edged up at 1.3434 and formed a double top, before found support lower at 1.3372. Further drop of EURUSD will push prices to the next target at 1.3360 and even lower at 1.3341.
Alternative Scenario If the pair manages to withstand the sellers’ pressure, it will proceed with a correction up to the daily pivot at 1.3391 and then higher at 1.3403.

 

GBPUSD H4
Resistance 1.6797 1.6809 1.6822
Support 1.6771 1.6758 1.6746
Primary Scenario GBPUSD is following a downtrend. A break below the barrier at 1.6758, will lead the market lower to the support level at 1.6746.
Alternative Scenario A bounce up of the market, would trigger the market to reach the resistance level at 1.6771 and then higher to the hurdle at the daily pivot (1.6783). RSI oscillator supports this scenario.

 

USDCHF H4
Resistance 0.9070 0.9075 0.9083
Support 0.9056 0.9048 0.9043
Primary Scenario USDCHF is negotiating slightly above the now-support at 0.9075. A sustained trading above this level will target the hurdle at 0.9083 and further up at 0.9097.
Alternative Scenario Should the pair manage to violate the support at 0.9075, the next support is seen at 0.9070 and 0.9061.

 

USDJPY H4
Resistance 102.38 102.67 102.91
Support 102.18 102.05 101.50
Primary Scenario The USDJPY pair is hovering below the Kumo. Any decisive movement downwards, will lead the market to gain momentum to violate the barrier at 102.18 (Tenkan-sen) and to target the support at 102.05 (Kijun-sen). The next support is estimated at 101.50.
Alternative Scenario An upward wave will lift the rate within the cloud and if USDJPY achieves to exceed the hurdle at 102.38, it will find resistance at the upper level of the cloud at 102.67.

 

AUDUSD H4
Resistance 0.9278 0.9294 0.9304
Support 0.9251 0.9241 0.9224
Primary Scenario The trend has been overall neutral in the last sessions. A break below the support at 0.9251, exposes next support at 0.9241 and even lower at 0.9224.
Alternative Scenario A surge of AUDUSD above the daily pivot (0.9268), will push the market higher at 0.9278.

 

 

Article by ForexTime

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