Previous Story
USDJPY: The bullish scenario is still in effect.
Posted On 05 Nov 2014
Comment: 0
| EURUSD | H4 | ||
| Resistance | 1.2587 | 1.2629 | 1.2683 |
| Support | 1.2492 | 1.2438 | 1.2396 |
| Primary Scenario | EURUSD is trading at the daily pivot at 1.2534. Any decisive movement downwards will open the way towards the support level at 1.2492 and then lower at 1.2438. | ||
| Alternative Scenario | A higher thrust of the pair will lead the rate above the daily pivot zone up to the resistance level at 1.2587. | ||
 |
GBPUSD | H4 | |
| Resistance | 1.6022 | 1.6044 | 1.6073 |
| Support | 1.5972 | 1.5943 | 1.5921 |
| Primary Scenario | The pair has violated the daily pivot (1.5993) and cleared the support level at 1.5972. A sustained trading below this level will push prices lower to find support at 1.5943 and even lower at 1.5921. | ||
| Alternative Scenario | An upward wave could be a catalyst for the market to surpass the resistance level at 1.5972 and further up at the daily pivot. | ||
 |
USDCHF | H4 |  |
| Resistance | 0.9644 | 0.9691 | 0.9723 |
| Support | 0.9565 | 0.9532 | 0.9486 |
| Primary Scenario | USDCHF is negotiating below the daily pivot at 0.9611. Any forceful movement to the south, will lead the pair to retest the key support at 0.9565. A breach of this level will pave the way down to the next target at 0.9532. | ||
| Alternative Scenario | A successful attempt to exceed the daily pivot, will lift the currency rate to the hurdle at 0.9644. | ||
 |
USDJPY | H4 | |
| Resistance | 114.81 | 115.84 | 117.58 |
| Support | 114.21 | 113.17 | 112.52 |
| Primary Scenario | The bullish outlook is still in effect. If the pair manages to extend its uptrend, it will climb towards the resistance levels at 114.81 and 115.84 (Fibonacci resistance levels 161.8% and 261.8&). | ||
| Alternative Scenario | A break back below the support at 114.21, will push the market to find support at 113.17. RSI oscillator supports this scenario. | ||
 |
AUDUSD | H4 | |
| Resistance | 0.8775 | 0.8813 | 0.8878 |
| Support | 0.8671 | 0.8606 | 0.8568 |
| Primary Scenario | AUDUSD is oscillating the daily pivot (0.8710). Any purposeful movement downwards, will push the pair to target the support at 0.8671 and further down to 0.8606. | ||
| Alternative Scenario | If the history repeats, the exchange rate will penetrate the daily pivot, targeting the hurdle at 0.8775. | ||
The post USDJPY: The bullish scenario is still in effect. appeared first on Forex Circles.
