EURUSD is following a correction course.

August 11, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1064 1.1110 1.1179
Support 1.0948 1.0878 1.0832
Primary Scenario EURUSD is following a correction course, heading towards the support level at 1.0948. A drop below this level will push prices to find support at the forthcoming support level at 1.0878.
Alternative Scenario A higher thrust of the market will trigger the market to penetrate the daily pivot point at 1.0994, with immediate target the resistance at 1.1064.

 

 

GBPUSD H4
Resistance 1.5644 1.5698 1.5792
Support 1.5496 1.5403 1.5349
Primary Scenario The pair is trading slightly above the daily pivot at 1.5551. If GBPUSD manages to withstand the sellers’ pressure, it will climb towards the resistance levels at 1.5644 and 1.5698.
Alternative Scenario On the other hand, a plunge of the pair below the daily pivot will see the market reaching the support level at 1.5496.

 

 

USDCHF H4
Resistance 0.9882 0.9929 0.9969
Support 0.9794 0.9754 0.9707
Primary Scenario USDCHF is oscillating around the daily pivot point (0.9842). A decisive movement to the north will most likely target the resistance at 0.9882 and even higher at 0.9929.
Alternative Scenario A setback of the pair will push the market to breach the daily pivot, with immediate target the support level at 0.9794.

 

 

USDJPY H4
Resistance 124.88 125.06 125.49
Support 124.54 124.26 123.79
Primary Scenario The bullish scenario is still in force. A bounce up from current levels will generate strength for USDJPY to exceed the hurdle in line at 124.88 and 125.06. If that happens, the next resistance is seen at 125.49.
Alternative Scenario A failed attempt to move higher will lead the pair to violate the Tenkan-sen level at 124.54, targeting the forthcoming support at 124.26.

AUDUSD H4
Resistance 0.7437 0.7463 0.7505
Support 0.7368 0.7326 0.7300
Primary Scenario AUDUSD cleared the daily pivot point (0.7395) and the support levels at 0.7368 and 0.7326. If the pair achieves to extend its momentum, the next support level is estimated at 0.7300 and further down to 0.7249 (Fibonacci support level 161.8%).
Alternative Scenario An upward wave would fuel the pair to surpass the hurdle at 0.7362, targeting the resistance level at 0.7368.

 

 

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

 

 

 

 

9 years ago