USDJPY: Correction course.

March 3, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1228 1.1274 1.1308
Support 1.1148 1.1113 1.1067
Primary Scenario EURUSD is oscillating around the daily pivot point at 1.1194. A decisive movement to the north will lead the pair to retest the hurdle at 1.1228. A successful attempt to surpass this level will most likely trigger the market to hit the forthcoming resistance at 1.1274.
Alternative Scenario A plunge of the market below the daily pivot will push prices to find support at 1.1148.

 

GBPUSD H4
Resistance 1.5411 1.5458 1.5488
Support 1.5333 1.5303 1.5256
Primary Scenario The pair has recovered from the previous bottom and it is now heading towards the resistance level at 1.5411. If GBPUSD manages to withhold the sellers’ pressure, it will climb towards the next target at 1.5458.
Alternative Scenario A setback of the exchange rate will push prices below the daily pivot (1.5381) and further down to 1.5333.

 

USDCHF H4
Resistance 0.9608 0.9637 0.9676
Support 0.9540 0.9500 0.9471
Primary Scenario USDCHF is pivoting around the daily pivot at 0.9560. If the pair manages to extend its uptrend, it will gain momentum to target the resistances at 0.9608 and 0.9637.
Alternative Scenario A drop of the pair below the daily pivot will open the way down to 0.9540.

 

USDJPY H4
Resistance 119.94 120.47 120.83
Support 119.58 119.34 118.83
Primary Scenario USDJPY is now on the correction course process. An upward wave would push the pair to test the resistance level at 119.94 and even higher at 120.47.
Alternative Scenario A comeback of the currency pair will lead the pair to breach the support at 119.58. The next support is seen at 119.34.

 

AUDUSD H4
Resistance 0.7794 0.7826 0.7846
Support 0.7743 0.7723 0.7692
Primary Scenario A strong movement led AUDUSD to clear the resistance levels at 0.7794 and 0.7826. Further increase of the price will trigger the market to penetrate the resistance level at 0.7846. The next resistance is estimated at 0.7851 (Fibonacci resistance level 161.8%).
Alternative Scenario A reversal back below the support level at 0.7826 will push prices to find support at 0.7794.

 

 

Article by ForexTime

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