GBPUSD: Revolving the daily pivot point.

March 24, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1021 1.1098 1.1225
Support 1.0817 1.0690 1.0613
Primary Scenario EURUSD is now trading near the previous top. If bulls manage to overweigh the bears’ pressure, it will retest the hurdle at 1.1021 and then higher at 1.1098.
Alternative Scenario A comeback of the market will push the pair below the daily pivot (1.0894) and further down to 1.0817.

 

 

GBPUSD H4
Resistance 1.5005 1.5056 1.5140
Support 1.4869 1.4786 1.4734
Primary Scenario The pair is revolving slightly above the daily pivot point at 1.4921. An upward wave would lift GBPUSD to reach the resistance level at 1.5005 and even higher at 1.5056.
Alternative Scenario On the other hand, a plunge of the market below the daily pivot will open the path down to the support level at 1.4869.

USDCHF H4
Resistance 0.9766 0.9874 0.9937
Support 0.9595 0.9532 0.9424
Primary Scenario USDCHF is following a downtrend. If the pair manages to extend its bearish momentum it will target the support levels at 0.9595 and 0.9532.
Alternative Scenario A higher thrust of the exchange rate will lead the pair above the daily pivot (0.9703) with immediate target the resistance level at 0.9766. RSI oscillator supports this outlook.

 

USDJPY H4
Resistance 119.83 120.37 120.94
Support 119.29 119.02 118.70
Primary Scenario The USDJPY pair is now poised to retest the previous bottom at 119.29. A break back below this level will most likely push prices lower towards the forthcoming support at 119.29 and then lower at 118.70.
Alternative Scenario Alternatively, a reversal back above the resistance at 119.83 will trigger the currency pair to target the next resistance level at 120.37.

 

AUDUSD H4
Resistance 0.7927 0.7980 0.8062
Support 0.7792 0.7710 0.7657
Primary Scenario AUDUSD surged above the daily pivot at 0.7845. A sustained trading above this level will generate strength for the market to climbs towards the next targets at 0.7927 and 0.7980 respectively.
Alternative Scenario A drop of the market below the daily pivot point will push the pair to find support at 0.7792.

 

 

Article by ForexTime

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