EURUSD collapsed on Wednesday.

October 30, 2014

Article by ForexTime

EURUSD H4
Resistance 1.2728 1.2821 1.2872
Support 1.2584 1.2533 1.2441
Primary Scenario EURUSD collapsed on Wednesday and found support at 1.2584. If the pair manages to extend this bearish momentum, it will breach this level, targeting the forthcoming support at 1.2533. RSI oscillator is trading slightly within an oversold territory.
Alternative Scenario A bounce up from current levels, will bring the market to a correction course, up to the daily pivot point at 1.2677.

 

GBPUSD H4
Resistance 1.6114 1.6217 1.6273
Support 1.5955 1.5899 1.5797
Primary Scenario The pair cleared the daily pivot at 1.6058 and led the currency rate to retest the key support at 1.5955. A downward wave, would push prices to break the support at 1.5955. The next support is seen at 1.5899.
Alternative Scenario A surge of GBPUSD will lift the pair to reach the daily pivot at 1.6058.

 

USDCHF H4
Resistance 0.9583 0.9620 0.9691
Support 0.9474 0.9403 0.9365
Primary Scenario USDCHF is now testing the resistance level at 0.9583. A successful attempt to penetrate this barrier, will trigger the market to target higher the next resistance at 0.9620.
Alternative Scenario A comeback of the exchange rate will push the market to find support at the daily pivot (0.9512).

 

USDJPY H4
Resistance 109.15 109.53 110.73
Support 108.55 108.10 107.59
Primary Scenario The USDJPY pair turned sharply bullish and intends to proceed higher. If the pair achieves to exceed the hurdle at 109.15, it will climbs towards the Fibonacci resistance level 261.8% at 109.53 and then higher at 110.73 (Fibonacci resistance level 423.6%).
Alternative Scenario A reversal back of the market will lead USDJPY to the support level at 108.55 and then lower at 108.10. RSI oscillator supports this scenario.

 

AUDUSD H4
Resistance 0.8875 0.8960 0.9010
Support 0.8740 0.8690 0.8606
Primary Scenario The pair edged up at 0.8910, before closing below the daily pivot (0.8825). Any decisive movement to the south, will push AUDUSD to breach the support at 0.8740 and push the market lower to the forthcoming support at 0.8690.
Alternative Scenario Should the pair manage to surpass the daily pivot, it will target the resistance at 0.8875.

 

Article by ForexTime

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