AUDUSD pumelled in today’s session.

May 6, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1469 1.1535 1.1577
Support 1.1362 1.1319 1.1254
Primary Scenario EURUSD is still negotiating below the daily pivot point at 1.1427. If the bears manage to take control of the bulls, the market will attempt to hit the support level at 1.1362 and then lower at 1.1319.
Alternative Scenario An upward wave would lift the currency pair above the daily pivot, targeting the resistance level at 1.1469.

GBPUSD H4
Resistance 1.4526 1.4569 1.4611
Support 1.4441 1.4399 1.4356
Primary Scenario The pair is following a downtrend. A decisive movement to the south will push GBPUSD to find support at 1.4441 and further down to 1.4399.
Alternative Scenario On the other hand, a surge of the pair above the daily pivot (1.4484) will fuel the pair to retest the hurdle at 1.4526.

USDCHF H4
Resistance 0.9724 0.9774 0.9852
Support 0.9596 0.9518 0.9468
Primary Scenario USDCHF indicated bullish implications in the previous session. Should the pair manage to extend its momentum, the next resistance is seen at 0.9724 and even higher at 0.9774.
Alternative Scenario A reversal back below the daily pivot will pave the path down to 0.9596.

USDJPY H4
Resistance 107.48 108.19 108.72
Support 107.00 106.48 105.53
Primary Scenario The USDJPY pair is trading below the cloud. A fruitful attempt to violate the key support at 107.00 will open the way down to 106.48 and further down to 105.53.
Alternative Scenario Alternatively, a higher thrust of the exchange rate would accelerate the market to penetrate the resistance at 107.48, with immediate target the resistance at 108.19.

AUDUSD H4
Resistance 0.7500 0.7537 0.7562
Support 0.7439 0.7414 0.7377
Primary Scenario AUDUSD pumelled in today’s session and eliminate the given support levels at 0.7439 and 0.7414. Further drop of the market will push prices to breach the forthcoming support at 0.7377. The next support level is estimated at 0.7336.
Alternative Scenario A successful attempt to exceed the now-resistance at 0.7414 will lead the pair towards 0.7439. RSI oscillator supports this outlook.

 

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