EURUSD topped up at 1.1615, before closing below the daily pivot.

May 4, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1575 1.1655 1.1696
Support 1.1455 1.1414 1.1334
Primary Scenario EURUSD topped up at 1.1615, before closing below the daily pivot at 1.1535. A deeper correction of the market will pave the path down to 1.1455 and then lower at 1.1414.
Alternative Scenario An upward wave would lead the exchange rate to retest the daily pivot point.

GBPUSD H4
Resistance 1.4691 1.4850 1.4932
Support 1.4451 1.4369 1.4210
Primary Scenario The pair has finally breached the daily pivot point (1.4610). Should the bears manage to take control of the bulls, the next support is seen at 1.4451 and further down to 1.4369.
Alternative Scenario On the other hand, a higher thrust of the market will trigger GBPUSD to hit the daily pivot and then higher at 1.4691.

USDCHF H4
Resistance 0.9581 0.9622 0.9691
Support 0.9471 0.9402 0.9361
Primary Scenario USDCHF is now poised to retest the hurdle at 0.9581. If the pair manages to exceed this level, it will climb towards the forthcoming resistance level at 0.9622 and even higher at 0.9691.
Alternative Scenario A plunge of the market will push prices to find support at 0.9512 (daily pivot) and then lower at 0.9471.

USDJPY H4
Resistance 107.44 108.19 108.72
Support 106.84 106.11 105.53
Primary Scenario The pair bounced up from the previous bottom and is now testing the hurdle at 107.44. A failed attempt to move higher will push USDJPY to find support at 106.84 and then lower at 106.11.
Alternative Scenario Alternatively, a surge of the pair through the barrier at 107.44 will lift the rate towards 108.19.

AUDUSD H4
Resistance 0.7639 0.7796 0.7874
Support 0.7404 0.7326 0.7169
Primary Scenario AUDUSD is still under pressure. A decisive movement to the south will open the way down to 0.7404 and even lower at 0.7326.
Alternative Scenario A successful attempt to penetrate the daily pivot (0.7561) will fuel the pair towards 0.7639.

 

Article by ForexTime

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