After forming a double top at 1.5497, GBPUSD dropped below the daily pivot at 1.5381.

May 1, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1302 1.1381 1.1497
Support 1.1107 1.0991 1.0912
Primary Scenario EURUSD is now following an uptrend. A persistent trading above the daily pivot point (1.1186) will most likely trigger the market to target the forthcoming resistance level at 1.1302 and further up to 1.1381.
Alternative Scenario Should the pair achieve to breach the daily pivot, it will find support at 1.1107. RSI oscillator supports this scenario.

 



GBPUSD H4
Resistance 1.5460 1.5570 1.5648
Support 1.5272 1.5193 1.5084
Primary Scenario After forming a double top at 1.5497, GBPUSD experienced strong resistance and dropped below the daily pivot at 1.5381. A sustained trading below this level will open the way down to 1.5272 and even lower at 1.5193.
Alternative Scenario An upward wave would act as a catalyst for the market to penetrate the daily pivot. If that happens, the exchange rate will attempt to retest the hurdle at 1.5460.

 

 

USDCHF H4
Resistance 0.9409 0.9497 0.9548
Support 0.9270 0.9219 0.9131
Primary Scenario USDCHF is negotiating narrowly below the daily pivot point at 0.9358. If the bears manage to take control of the bulls, the next support is seen at 0.9270 and 0.9219.
Alternative Scenario On the other hand, a surge of the currency pair will lead the marker higher above the daily pivot, towards the resistance at 0.9409. RSI supports this outlook.

USDJPY H4
Resistance 119.75 120.09 120.43
Support 119.45 119.19 118.48
Primary Scenario USDJPY is now testing the barrier at 119.75. A successful attempt to surpass this level will lift the rate higher towards the resistance level at 120.09 and further up to 120.43.
Alternative Scenario Alternatively, a comeback of the market will push prices to find support at 119.45 and 119.19.

AUDUSD H4
Resistance 0.7996 0.8088 0.8155
Support 0.7837 0.7770 0.7677
Primary Scenario AUDUSD is hovering below the daily pivot point (0.7929). Any decisive movement to the south will lead the pair to retest the support level at 0.7837. A break back below this level will push the market lower down to 0.7770.
Alternative Scenario A higher thrust of the currency pair will fuel the pair to exceed the daily pivot, with immediate target the resistance at 0.7996.

 

 

Article by ForexTime

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