GBPUSD: A key support has been breached (1.5885).

November 7, 2014

Article by ForexTime

EURUSD H4
Resistance 1.2482 1.2591 1.2651
Support 1.2314 1.2255 1.2146
Primary Scenario EURUSD collapsed yesterday and breached the daily pivot at 1.2423. A further drop of the pair will lead prices to find support at 1.2314 and then later at 1.2255. RSI oscillator is trading within an oversold area.
Alternative Scenario An upward wave, would generate strength for the market to surpass the daily pivot and reach the resistance level at 1.2482.

 

GBPUSD H4
Resistance 1.5946 1.6062 1.6123
Support 1.5769 1.5708 1.5592
Primary Scenario The pair has violated the key support at 1.5885 (daily pivot). If GBPUSD manages to extend its downtrend, it will push prices lower to the forthcoming support at 1.5769 and even lower at 1.5708.
Alternative Scenario A bounce up from current levels, will bring the pair into a correction course, targeting the daily pivot and the hurdle at 1.5946.

 

USDCHF H4
Resistance 0.9778 0.9825 0.9913
Support 0.9643 0.9555 0.9508
Primary Scenario USDCHF jumped into a fresh high, after a successful breach of the daily pivot at 0.9690. If the pair manages to withstand the sellers’ pressure, it will fuel the rate further up to 0.9778 and 0.9825.
Alternative Scenario A comeback of the exchange rate will lead the way down to the daily pivot and then lower at 0.9643.

 

USDJPY H4
Resistance 115.51 116.25 117.19
Support 114.76 114.02 113.14
Primary Scenario The USDJPY pair is flirting with the previous top at 115.51. Should the market exceed this level, it will lift prices towards the resistance at 116.25 and further up at 117.19.
Alternative Scenario A reversal back of the currency rate, will push prices to find support at 114.76. The next support is estimated at 114.02. RSI supports this outlook.

 

AUDUSD H4
Resistance 0.8604 0.8652 0.8678
Support 0.8531 0.8505 0.8457
Primary Scenario AUDUSD is following a downtrend. A sustained trading below the daily pivot (0.8578), will lead the pair to breach the support at 0.8531. The next support is seen at 0.8505.
Alternative Scenario Alternatively, a higher thrust of the market will penetrate the daily pivot, targeting the hurdle at 0.8604.

 

 

Article by ForexTime

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