EURUSD turned sharply bearish.

October 6, 2014

Article by ForexTime

EURUSD H4
Resistance 1.2626 1.2737 1.2800
Support 1.2452 1.2388 1.2277
Primary Scenario EURUSD turned sharply bearish and violated the daily pivot at 1.2563. If the pair manages to extend its downtrend, it will move further down to the support level at 1.2452 and 1.2388.
Alternative Scenario An upward wave, would lift the market to reach the daily pivot and even higher to the resistance level at 1.2626. RSI oscillator supports this scenario.

GBPUSD H4
Resistance 1.6101 1.6232 1.6307
Support 1.5895 1.5820 1.5688
Primary Scenario GBPUSD finally breached the daily pivot at 1.6026. A sustained trading below this level, would target the support at 1.5895 and further down to 1.5820. RSI is trading within an oversold territory.
Alternative Scenario A successful surpass above the daily pivot, will trigger the market to hit the resistance level at 1.6101.

 

USDCHF H4
Resistance 0.9725 0.9779 0.9876
Support 0.9574 0.9477 0.9422
Primary Scenario The pair jumped into fresh highs at 0.9687. A higher thrust of USDCHF will fuel the market further towards the resistance level at 0.9725 and then higher at 0.9779.
Alternative Scenario A reversal back below the daily pivot, will push prices to find support at 0.9574. RSI oscillator is amounted at 76, within an overbought area.

 

USDJPY H4
Resistance 109.72 110.07 111.35
Support 109.53 109.01 108.43
Primary Scenario The USDJPY pair is negotiating slightly above the support level at 109.53. A bounce up from current levels, will trigger the market to penetrate the hurdle at 109.72. The next resistance is seen at 110.07.
Alternative Scenario A plunge of the exchange rate below the support at 109.53, might push the pair to move lower, towards the forthcoming support at 109.01.

 

AUDUSD H4
Resistance 0.8771 0.8869 0.8934
Support 0.8608 0.8543 0.8445
Primary Scenario AUDUSD is now poised to test the daily pivot point at 0.8706. A failed attempt to penetrate this level, will push the market to target the support at 0.8608 and further down to 0.8543.
Alternative Scenario A successful attempt to exceed the daily pivot, will lift the market higher with immediate target at 0.8771.

 

 

Article by ForexTime

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