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USDJPY: Bearish sentiment, still in play.
| EURUSD | H4 | ||
| Resistance | 1.1394 | 1.1438 | 1.1490 |
| Support | 1.1298 | 1.1247 | 1.1203 |
| Primary Scenario | EURUSD has just breached the hurdle at 1.1394. A sustained trading above this level will fuel the pair further towards the resistance level at 1.1438. The next resistance is seen at 1.1490. | ||
| Alternative Scenario | A failed attempt to move higher will push the market below the now-support level at 1.1394 and the exchange rate will find support at the daily pivot point at 1.1343. | ||
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GBPUSD | H4 | |
| Resistance | 1.5899 | 1.5928 | 1.5960 |
| Support | 1.5837 | 1.5805 | 1.5776 |
| Primary Scenario | The pair cleared the barrier at 1.5899 and is set to hit the forthcoming resistance at 1.5928. Further increase of GBPUSD will most likely lift the currency pair towards the next target at 1.5960. | ||
| Alternative Scenario | A reversal back below the support level at 1.5899 is expected to witness a correction course towards the daily pivot at 1.5866 and even lower at 1.5837. RSI supports this outlook. | ||
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USDCHF | H4 |  |
| Resistance | 0.9216 | 0.9280 | 0.9311 |
| Support | 0.9121 | 0.9089 | 0.9025 |
| Primary Scenario | USDCHF is trading below the daily pivot (0.9184). A slump of the market will push prices to find support at 0.9121 and then lower at 0.9089. | ||
| Alternative Scenario | A higher thrust of the exchange rate will lead the pair to penetrate the daily pivot, with immediate target the resistance at 0.9216. | ||
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USDJPY | H4 | |
| Resistance | 122.98 | 123.48 | 124.15 |
| Support | 122.46 | 121.97 | 121.42 |
| Primary Scenario | The USDJPY pair is still negotiating below the cloud and the bearish sentiment is still in play. A decisive movement to the south will push the pair to breach the support at 122.46, targeting the forthcoming support level at 121.97. | ||
| Alternative Scenario | On the other hand, an upward wave would trigger the market to exceed the hurdle at 122.98 and further up to test the lower level of the Kumo at 123.48. | ||
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AUDUSD | H4 | |
| Resistance | 0.7792 | 0.7836 | 0.7864 |
| Support | 0.7721 | 0.7692 | 0.7649 |
| Primary Scenario | AUDUSD bounced up from the previous bottom and is now heading towards the hurdle at 0.7792. A successful surpass of this level will trigger the market to target the next resistance at 0.7836. | ||
| Alternative Scenario | A plunge of the pair below the daily pivot point (0.7764) exposes next support at 0.7721. | ||
The post USDJPY: Bearish sentiment, still in play. appeared first on Forex Circles.
