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AUDUSD has violated the critical support level at 0.7636 and 0.7594.
| EURUSD | H4 | ||
| Resistance | 1.0668 | 1.0733 | 1.0784 |
| Support | 1.0552 | 1.0502 | 1.0437 |
| Primary Scenario | EURUSD faced fresh lows in the previous session. If the pair manages to extend its downtrend, it will drop further towards the support level at 1.0552 and then lower at 1.0502. RSI is trading within an oversold territory. | ||
| Alternative Scenario | An upward momentum would bring the exchange rate into a correction course targeting the daily pivot at 1.0617 and even higher at 1.0668. | ||
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GBPUSD | H4 | |
| Resistance | 1.4707 | 1.4784 | 1.4845 |
| Support | 1.4570 | 1.4509 | 1.4432 |
| Primary Scenario | The pair is now testing the previous bottom at 1.4570. Should GBPUSD achieve to violate this level will lead the market underway down to 1.4509 and further down to 1.4432. | ||
| Alternative Scenario | On the other hand, an upward wave will lift the market above the daily pivot point at 1.4647, targeting the next resistance at 1.4707. RSI oscillator supports this outlook. | ||
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USDCHF | H4 |  |
| Resistance | 0.9831 | 0.9876 | 0.9917 |
| Support | 0.9745 | 0.9704 | 0.9659 |
| Primary Scenario | USDCHF is negotiating narrowly above the daily pivot at 0.9790. Any decisive movement to the north will most likely trigger the market to penetrate the hurdle at 0.9831. The next resistance is seen at 0.9876. | ||
| Alternative Scenario | A reversal back of the currency pair will push prices to find support at 0.9745. | ||
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USDJPY | H4 | |
| Resistance | 120.73 | 121.20 | 122.03 |
| Support | 120.29 | 119.77 | 119.33 |
| Primary Scenario | USDJPY is ranging between 119.70 and 120.73. If bulls take control of the bears, the market will gain momentum to exceed the obstacle at 120.73 with immediate target the resistance level at 121.20. | ||
| Alternative Scenario | A setback of the exchange rate will push the pair to breach the support at 120.29, falling lower down to 119.77. | ||
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AUDUSD | H4 | |
| Resistance | 0.7719 | 0.7761 | 0.7802 |
| Support | 0.7636 | 0.7594 | 0.7552 |
| Primary Scenario | A strong bearish movement led AUDUSD to violate the critical support level at 0.7636 and 0.7594. Further drop of the market will lead the currency pair to target the next support levels at 0.7552 and then lower at 0.7477 (Fibonacci support level 161.8%). | ||
| Alternative Scenario | A bounce up would trigger the market to surpass the resistance at 0.7594, targeting the next level at 0.7636. | ||
The post AUDUSD has violated the critical support level at 0.7636 and 0.7594. appeared first on Forex Circles.
Source:: AUDUSD has violated the critical support level at 0.7636 and 0.7594.
