EURUSD: The strength of the market faded.

October 13, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1384 1.1411 1.1427
Support 1.1342 1.1326 1.1299
Primary Scenario The strength of the market faded and EURUSD proceeded into a correction, hitting the support level at 1.1342. If the pair manages to violate this level, will most likely lead the exchange rate in deeper correction towards the next support level at 1.1326.
Alternative Scenario Alternatively, a higher thrust of the market will lift the currency pair above the daily pivot (1.1369) with immediate target the resistance at 1.1384.

 

 

GBPUSD H4
Resistance 1.5375 1.5406 1.5439
Support 1.5311 1.5278 1.5247
Primary Scenario The pair is now testing the support level at 1.5311. A break back below this level will push prices underway towards the support level at 1.5278 and then lower to 1.5247.
Alternative Scenario An upward wave would generate strength for GBPUSD to penetrate the daily pivot (1.5342), targeting the forthcoming resistance at 1.5375.

 

 

USDCHF H4
Resistance 0.9638 0.9652 0.9674
Support 0.9603 0.9581 0.9567
Primary Scenario USDCHF bounced up from the previous bottom and is now heading towards the hurdle at 0.9638. Should the pair achieve to exceed this level, the next resistance is seen at 0.9652 and further up to 0.9674.
Alternative Scenario A comeback of the exchange rate would push the market below the daily pivot at 0.9616, opening the way down to 0.9603.

 

 

USDJPY H4
Resistance 119.95 120.21 120.49
Support 119.79 119.53 119.23
Primary Scenario A strong bearish movement led USDJPY below the cloud. If the pair manages to violate the key support level at 119.79, it will pave the path lower towards the support level at 119.53.
Alternative Scenario On the other hand, an upward wave would act as a catalyst for the market to surpass the hurdle at 119.95, bringing the pair into a bullish sentiment. The next resistance is estimated at 120.21.

AUDUSD H4
Resistance 0.7392 0.7425 0.7469
Support 0.7315 0.7271 0.7237
Primary Scenario AUDUSD has just breached the critical support level at 0.7315. If the pair manages to extend its momentum, it will drop further towards the support levels at 0.7271 and 0.7237.
Alternative Scenario. A reversal back above the now-resistance at 0.7315 will lead the market to target the daily pivot at 0.7348.

 

 

Article by ForexTime

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