AUDUSD has breached the important support level at 0.7120.

Posted On 06 Jan 2016

Tag: AUDUSD, EURUSD, GBPUSD, Support & Resistance, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.0816	1.0891	1.0944
Support	1.0688	1.0635	1.0560
Primary Scenario	EURUSD is following a downtrend. If the pair achieves to extend its momentum, it will open the way down to 1.0688 and even lower at 1.0635.
Alternative Scenario	A surge of the market above the daily pivot (1.0763) will lift the exchange rate towards the resistance level at 1.0816.

	GBPUSD	H4
Resistance	1.4718	1.4765	1.4805
Support	1.4631	1.4591	1.4544
Primary Scenario	The pair is now poised to retest the support level at 1.4631. If GBPUSD manages to violate this key level, the next support is seen at 1.4591 and further down to 1.4544.
Alternative Scenario	A higher thrust of the market will lead the pair to exceed the daily pivot at 1.4678, targeting the resistance at 1.4718.

	USDCHF	H4
Resistance	1.0136	1.0188	1.0253
Support	1.0019	0.9954	0.9901
Primary Scenario	USDCHF surged above the daily pivot point at 1.0071. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance levels at 1.0136 and 1.0188.
Alternative Scenario	A comeback of the currency pair will push prices below the daily pivot, paving the path down to 1.0019.

	USDJPY	H4
Resistance	119.17	119.69	120.11
Support	118.33	118.03	117.21
Primary Scenario	The USDJPY pair is heading towards the previous low at 118.33. A break back below this level will lead the market underway to hit the forthcoming support level at 118.03 and then lower at 117.21.
Alternative Scenario	Alternatively, a correction course would trigger the exchange rate to target the resistance at 119.17 and further up at 119.69.

	AUDUSD	H4
Resistance	0.7203	0.7249	0.7285
Support	0.7120	0.7084	0.7038
Primary Scenario	AUDUSD has breached the important support level at 0.7120. Further drop of the market will pave the way down to 0.7084 and even lower at 0.7038.
Alternative Scenario.	A reversal back above the now-resistance at 0.7120 will fuel the pair to target the daily pivot point at 0.7167. RSI oscillator supports this scenario.

The post AUDUSD has breached the important support level at 0.7120. appeared first on FXTM Blog.

Source:: AUDUSD has breached the important support level at 0.7120.

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