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USDJPY topped up at 124.43, before retracing sharply below the cloud.
| EURUSD | H4 | ||
| Resistance | 1.1393 | 1.1451 | 1.1545 |
| Support | 1.1242 | 1.1148 | 1.1090 |
| Primary Scenario | EURUSD has reached the critical resistance level at 1.1393. If the bulls achieve to take control of the bears, the pair will eliminate this level, targeting the forthcoming resistance at 1.1451 and even higher at 1.1545. | ||
| Alternative Scenario | Alternatively, a comeback of the exchange rate will push prices to find support at the daily pivot (1.1299). | ||
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GBPUSD | H4 | |
| Resistance | 1.5909 | 1.5988 | 1.6130 |
| Support | 1.5688 | 1.5545 | 1.5466 |
| Primary Scenario | The pair continued its rally and is now poised to target the multi-month high at 1.5909. Further increase of the prices will most likely trigger the market to hit the resistance at 0.5988. | ||
| Alternative Scenario | A plunge of GBPUSD below the daily pivot point at 1.5767 will open the way down to 1.5688. RSi oscillator supports this outlook. | ||
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USDCHF | H4 |  |
| Resistance | 0.9295 | 0.9373 | 0.9423 |
| Support | 0.9167 | 0.9117 | 0.9039 |
| Primary Scenario | USDCHF has violated the daily pivot point, a key support level at 0.9245. If the pair manages to extend its downtrend, the next support is seen at 0.9267 and further down to 0.9117. | ||
| Alternative Scenario | On the other hand, a higher thrust of the daily pivot will lift the currency pair to retest the hurdle at 0.9295. | ||
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USDJPY | H4 | |
| Resistance | 123.20 | 123.41 | 124.13 |
| Support | 122.85 | 122.44 | 121.76 |
| Primary Scenario | The pair topped up at 124.43 (above the Kumo), before retracing sharply below the cloud. Further slide of USDJPY will lead the currency pair to breach the support level at 122.85, with immediate target the forthcoming support level at 122.44. | ||
| Alternative Scenario | An upward wave would push the pair to surpass the barrier at 123.20 and even higher at 123.41. | ||
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AUDUSD | H4 | |
| Resistance | 0.7795 | 0.7843 | 0.7918 |
| Support | 0.7673 | 0.7598 | 0.7550 |
| Primary Scenario | The price is limited to the support level at 0.7673 and the resistance level at 0.7795. A decisive upside momentum will act as a catalyst for AUDUSD to penetrate the hurdle at 0.7795. The next resistance is seen at 0.7843. | ||
| Alternative Scenario | A setback of the exchange rate will push the market below the daily pivot (0.7721), exposing next support at 0.7673. | ||
The post USDJPY topped up at 124.43, before retracing sharply below the cloud. appeared first on Forex Circles.
Source:: USDJPY topped up at 124.43, before retracing sharply below the cloud.
