USDJPY: The market still maintains the bullish outlook.

August 18, 2014

Article by ForexTime

EURUSD H4
Resistance 1.3420 1.3442 1.3473
Support 1.3367 1.3336 1.3314
Primary Scenario EURUSD is trapped around the daily pivot (1.3389). If the pair manages to withhold the sellers’ pressure, it will climb towards the resistance level at 1.3420 and then higher at 1.3442.
Alternative Scenario A break back below the daily pivot, will push prices to find support at 1.3367.

 

GBPUSD H4
Resistance 1.6701 1.6713 1.6726
Support 1.6676 1.6663 1.6651
Primary Scenario GBPUSD opened in the today’s session with a gap and achieved all the targets. A sustained trading above the support at 1.6726, will lift the pair to reach the hurdle at 1.6746 and even higher to 1.6767.
Alternative Scenario Alternatively, should the pair manage to erase its gains, it will breach the support at 1.6726 and it will return back to the support at 1.6713.

 

USDCHF H4
Resistance 0.9054 0.9089 0.9107
Support 0.9001 0.8983 0.8949
Primary Scenario USDCHF extended its decline early today, before it retraced back to the daily pivot at 0.9036. Any decisive movement downwards will lead the rate lower to the support at 0.9001 and 0.8983.
Alternative Scenario An upward wave would be a catalyst for the market to penetrate the daily pivot, generating strength for the pair to retest the resistance level at 0.9054.

 

USDJPY H4
Resistance 102.39 102.70 102.91
Support 102.29 102.02 101.50
Primary Scenario The USDJPY pair turned back south and found support at the upper level of the Kumo. The market still maintains the bullish outlook and a forceful movement upwards will trigger the market to surpass the hurdle at 102.39, targeting the next resistance level at 102.70.
Alternative Scenario On the other hand, a plunge of the pair below the support at 102.29, will bring the market into the cloud. The next support is seen at 102.02.

 

AUDUSD H4
Resistance 0.9334 0.9352 0.9370
Support 0.9298 0.9279 0.9262
Primary Scenario The pair intends to retest the hurdle at 0.9334. A successful surpass of this level, will push AUDUSD to jump higher towards the resistance level at 0.9352 and further up at 0.9370.
Alternative Scenario A failed attempt to penetrate this hurdle, shall form a double top, indicating a reversal pattern. By that time, if the market achieves to close below the daily pivot (0.9316), it will meet the support at 0.9298.

 

 

Article by ForexTime

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