GBPUSD is trading narrowly above the daily pivot.

March 16, 2015

Article by ForexTime

EURUSD H4
Resistance 1.0599 1.0702 1.0771
Support 1.0426 1.0358 1.0254
Primary Scenario EURUSD bounced up from the previous low and managed to surpass the daily pivot at 1.0530. A sustained trading above this level will most likely lead the exchange rate towards the resistance level at 1.0599 and then higher at 1.0702.
Alternative Scenario Alternatively, a plunge of the market below the daily pivot, will push prices to hit the support level at 1.0426.

 

GBPUSD H4
Resistance 1.4858 1.4976 1.5055
Support 1.4661 1.4581 1.4463
Primary Scenario The pair is trading narrowly above the daily pivot (1.4778). Further increase of GBPUSD will lift the pair higher up to the resistance level at 1.4858 and even higher at 1.4976.
Alternative Scenario Should the pair manage to breach the daily pivot, it will slide down to retest the support level at 1.4661.

 

USDCHF H4
Resistance 1.0097 1.0148 1.0185
Support 1.0010 0.9973 0.9922
Primary Scenario USDCHF has experienced strong resistance and it is now negotiating below the daily pivot at 1.0060. An aggressive movement to the south will bring the pair into a correction course towards the support levels at 1.0010 and 0.9973.
Alternative Scenario A higher thrust of the market will trigger the market to penetrate the daily pivot, with immediate target the resistance at 1.0097.

 

USDJPY H4
Resistance 121.36 121.66 122.02
Support 121.12 120.68 120.33
Primary Scenario The trend has been overall neutral in the previous sessions. A decisive movement to the north will trigger the market to exceed the resistance at 121.36. The next obstacle is seen at 122.66.
Alternative Scenario If USDJPY achieves to violate the support level at 121.12, it will plunge down to 120.68.

 

AUDUSD H4
Resistance 0.7692 0.7751 0.7792
Support 0.7592 0.7551 0.7492
Primary Scenario AUDUSD is pivoting around the daily pivot point at 0.7651. A slump of the currency pair will lead the rate to reach the support level at 0.7592 and further down to 0.7551.
Alternative Scenario An upward wave would fuel the pair to penetrate the daily pivot. If that happens, the next resistance is seen at 0.7692.

 

 

Article by ForexTime

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