USDJPY has finished its correction phase.

October 22, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1365 1.1392 1.1408
Support 1.1322 1.1306 1.1279
Primary Scenario EURUSD failed to exceed the daily pivot at 1.1349. A decisive movement to the south will push the market below the support at 1.1322, targeting the next level at 1.1306.
Alternative Scenario A comeback of the exchange rate above the daily pivot will fuel the pair to retest the resistance at 1.1365.

 

 

GBPUSD H4
Resistance 1.5454 1.5498 1.5520
Support 1.5388 1.5366 1.5322
Primary Scenario The pair is negotiating slightly below the daily pivot point (1.5432). If the pair manages to violate the support level at 1.5388, it will drop further towards 1.5366.
Alternative Scenario Alternatively, an upward wave would lead GBPUSD above the daily pivot, paving the way straight to the resistance level at 1.5454.

 

 

USDCHF H4
Resistance 0.9627 0.9660 0.9710
Support 0.9544 0.9494 0.9460
Primary Scenario USDCHF is trading near the previous top at 0.9627. A successful attempt to penetrate this level will accelerate the pair to target the forthcoming resistance level at 0.9660.
Alternative Scenario Should the pair achieve to breach the daily pivot (0.9577), it will find support at 0.9544.

 

 

USDJPY H4
Resistance 119.92 120.34 120.91
Support 119.60 119.30 118.88
Primary Scenario The pair has finished its correction phase and it is now poised to retest the hurdle at 119.92. If USDJPY manages to extend its momentum, the next resistance is estimated at 120.34.
Alternative Scenario On the other hand, a drop of the market below the support level at 119.60 will open the way down to 119.30.

AUDUSD H4
Resistance 0.7254 0.7301 0.7328
Support 0.7181 0.7154 0.7107
Primary Scenario AUDUSD is following a downtrend, after successfully breaching the daily pivot at 0.7228. If the bears manage to take control of the bulls, the barrier at 0.7181 will be eliminated and the next support is seen at 0.7154.
Alternative Scenario. A higher thrust of the exchange rate will trigger the market above the daily pivot, with immediate target the resistance at 0.7254.

 

 

Article by ForexTime

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