USDJPY: New bearish era.

August 8, 2014

Article by ForexTime

EURUSD H4
Resistance 1.3391 1.3420 1.3448
Support 1.3335 1.3307 1.3278
Primary Scenario EURUSD is moving sideways within the same channel, in the previous three sessions. Any forceful movement downwards will put pressure to the market to retest the support at 1.3335. A break below this barrier will lead the pair out of the channel, towards the forthcoming support at 1.3307.
Alternative Scenario If the pair manages to withhold the sellers’ pressure, it will approach the resistance level at 1.3391.

 

GBPUSD H4
Resistance 1.6855 1.6879 1.6895
Support 1.6815 1.6799 1.6775
Primary Scenario The pair violated the key support at 1.6815. A sustained trading below this level will push the market to retest the next support at 1.6799. If GBPUSD achieves to extend its downtrend, the next resistance is seen at 1.6775.
Alternative Scenario A higher thrust of the market, would lead the market to a correction course up to the daily pivot at 1.6839.

 

USDCHF H4
Resistance 0.9106 0.9124 0.9145
Support 0.9067 0.9047 0.9028
Primary Scenario The trend has been neutral in the previous sessions. Any decisive movement downwards, will push the market to violate the support at 0.9067. If that happens, prices will find support at 0.9047.
Alternative Scenario A surge of USDCHF, will open the way for the surpass of the daily pivot and prices will target the resistance level at 0.9106.

 

USDJPY H4
Resistance 102.02 102.19 102.56
Support 101.78 101.36 100.69
Primary Scenario A new bearish era has begun for the USDJPY pair. A break below the strong support at 101.78, will pave the way towards the Fibonacci support level 161.8% at 101.36. RSI oscillator is trading within the oversold area.
Alternative Scenario An upward wave, would trigger the market to reach the resistance level at 102.02 and then higher to the lower level of the cloud at 102.19.

 

AUDUSD H4
Resistance 0.9331 0.9393 0.9430
Support 0.9233 0.9196 0.9135
Primary Scenario AUDUSD is heading to the support level at 0.9233. It seems that the bears exercise strong pressure and a successful breach of the said support, will push prices lower to the next target at 0.9196.
Alternative Scenario If the strength of the market fades, AUDUSD will tend to react and it will proceed with a correction up to the daily pivot at 0.9294.

 

 

Article by ForexTime

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