GBPUSD bounced up from the previous bottom.

March 6, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1098 1.1168 1.1229
Support 1.0972 1.0917 1.0846
Primary Scenario EURUSD has proceeded into fresh lows. If the pair manages to extend its downtrend, it will breach the support level at 1.0972, with immediate target the next support at 1.0917.
Alternative Scenario An upward momentum will bring the pair within a correction course towards the daily pivot (1.1042) and then higher at 1.1098. RSI oscillator is trading within an oversold zone.

 

GBPUSD H4
Resistance 1.5266 1.5294 1.5320
Support 1.5211 1.5186 1.5157
Primary Scenario The pair bounced up from the previous bottom and is now trading slightly above the daily pivot at 1.5240. Further increase of the rate will lead the exchange rate to target the resistance levels at 1.5266 and 1.5294.
Alternative Scenario A plunge of GBPUSD will push prices below the daily pivot and further down to 1.5211. RSI oscillator supports this scenario.

 

USDCHF H4
Resistance 0.9779 0.9824 0.9900
Support 0.9658 0.9582 0.9537
Primary Scenario USDCHF has penetrated the daily pivot, after a strong movement upwards. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance level at 0.9779 and then higher at 0.9824.
Alternative Scenario A reversal back will push the pair to violate the daily pivot (0.9703) and further down to 0.9658. RSI has entered an overbought territory.

 

USDJPY H4
Resistance 120.07 120.82 121.82
Support 119.88 119.67 119.41
Primary Scenario The pair is now testing the barrier at 120.07. A successful attempt to exceed this level will lift USDJPY towards the resistance level at 120.82.
Alternative Scenario Should the pair manage to breach the support at 119.88, the next support level is seen at 119.67.

 

AUDUSD H4
Resistance 0.7828 0.7877 0.7915
Support 0.7742 0.7704 0.7655
Primary Scenario AUDUSD has been trapped between the support level at 0.7742 and the resistance level at 0.7877. A higher thrust of the market will most likely trigger the market to penetrate the hurdle at 0.7828. If that happens, the next resistance is seen at 0.7877.
Alternative Scenario A drop of the currency pair below the daily pivot at 0.7791, will open the way down to 0.7742.

 

 

Article by ForexTime

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