AUDUSD collapsed in today’s session.

May 3, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1563 1.1593 1.1651
Support 1.1475 1.1417 1.1387
Primary Scenario EURUSD surged into fresh grounds in the previous session. If the pair manages to extend its momentum, it will climb towards the resistance level at 1.1563 and further up to 1.1593.
Alternative Scenario A correction course would push prices to find support at the daily pivot (1.1505) and then lower at 1.1475. RSI supports this scenario.

GBPUSD H4
Resistance 1.4717 1.4763 1.4830
Support 1.4603 1.4536 1.4490
Primary Scenario The pair is oscillating narrowly above the daily pivot point at 1.4649. A decisive movement to the north will trigger the market to hit the resistance levels at 1.4717 and 1.4763.
Alternative Scenario Alternatively, a comeback of GBPUSD below the daily pivot will pave the path down to 1.4603.

USDCHF H4
Resistance 0.9584 0.9629 0.9654
Support 0.9514 0.9489 0.9444
Primary Scenario USDCHF is following a downtrend. Should the bears achieve to take control of the bulls, the next support is seen at 0.9514 and then lower at 0.9489.
Alternative Scenario An upward wave will accelerate the pair to penetrate the daily pivot, with immediate target the resistance at 0.9584. RSI is trading within the oversold area.

USDJPY H4
Resistance 106.56 107.37 108.19
Support 105.84 105.05 104.15
Primary Scenario The USDJPY pair has reached a multi-year low at 105.84. If the pair manages to violate this level, it will open the way deeper towards the forthcoming support at 105.05. The next support level is estimated at 104.15.
Alternative Scenario On the other hand, a higher thrust of the market will lift the exchange rate above the hurdle at 106.56, targeting the resistance at 107.37. RSI oscillator is trading at 22, within the oversold zone.

AUDUSD H4
Resistance 0.7694 0.7723 0.7775
Support 0.7613 0.7561 0.7531
Primary Scenario AUDUSD collapsed in today’s session. Further drop of the market will lead the currency pair below the support at 0.7561, opening the way down to 0.7531 and even lower at 0.7490.
Alternative Scenario A surge of the exchange rate would fuel the pair towards the daily pivot point at 0.7642.

 

Article by ForexTime

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