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GBPUSD turned sharply bullish, after clearing all the given resistance levels.
| EURUSD | H4 | ||
| Resistance | 1.1359 | 1.1452 | 1.1514 |
| Support | 1.1205 | 1.1143 | 1.1050 |
| Primary Scenario | EURUSD edged up at 1.1391, before closing below the daily pivot point (1.1298). A deeper correction will lead to a trend change, pushing prices to violate the support at 1.1205, with immediate targets the next support at 1.1143 and even lower to retest 1.1050. | ||
| Alternative Scenario | A bounce up from current levels will trigger the market to penetrate the daily pivot, targeting the hurdle in line at 1.1359. | ||
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GBPUSD | H4 |  |
| Resistance | 1.5291 | 1.5338 | 1.5402 |
| Support | 1.5179 | 1.5115 | 1.5068 |
| Primary Scenario | The pair turned sharply bullish, after clearing all the given resistance levels. If GBPUSD manages to continue its rally, it will gain momentum to test the key resistance at 1.5551 and further up at 1.5700 (Fibonacci resistance level 423.6%). | ||
| Alternative Scenario | A comeback of the market will push the exchange rate into a correction phase down to 1.5402. RSI oscillator is amounted at 76, trading within an overbought territory. | ||
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USDCHF | H4 | |
| Resistance | 0.9272 | 0.9326 | 0.9427 |
| Support | 0.9117 | 0.9016 | 0.8962 |
| Primary Scenario | USDCHF bounced up from the previous bottom and is now heading towards the hurdle at 0.9272. A successful penetration of this level will lift the currency pair to hit the forthcoming resistance at 0.9326. | ||
| Alternative Scenario | Should the pair manage to breach the daily pivot at 0.9171, it will open the way down to 0.9117. | ||
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USDJPY | H4 | |
| Resistance | 120.05 | 120.50 | 120.84 |
| Support | 119.78 | 119.57 | 119.38 |
| Primary Scenario | After testing the critical support at 119.05, USDJPY finally achieved to generate strength and proceed to higher levels away from the cloud. A decisive movement upwards will fuel the pair to exceed the barrier at 120.05 and then higher at 120.50. | ||
| Alternative Scenario | Alternatively, a plunge of the market below the support level at 119.78, will lead the pair to retest the key support at the upper level of the Kumo (119.57. | ||
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AUDUSD | H4 | |
| Resistance | 0.7976 | 0.8047 | 0.8090 |
| Support | 0.7862 | 0.7818 | 0.7747 |
| Primary Scenario | AUDUSD has tested the support level at 0.7862. Any purposeful movement to the south will push the pair to eliminate this level, targeting the forthcoming support at 0.7818. | ||
| Alternative Scenario | A higher thrust of the market above the daily pivot (0.7933) will lift the market towards the resistance at 0.7976. | ||
The post GBPUSD turned sharply bullish, after clearing all the given resistance levels. appeared first on Forex Circles.
Source:: GBPUSD turned sharply bullish, after clearing all the given resistance levels.
