EURUSD surged into fresh highs.

May 7, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1419 1.1492 1.1614
Support 1.1224 1.1102 1.1029
Primary Scenario EURUSD surged into fresh highs. If the positive momentum continues, the next resistance is seen at 1.1419 and even higher at 1.1492.
Alternative Scenario A setback of the prices below the daily pivot point at 1.1297 will bring the market down to 1.1224.

 



GBPUSD H4
Resistance 1.5306 1.5368 1.5447
Support 1.5165 1.5087 1.5024
Primary Scenario The pair is negotiating slightly above the daily pivot (1.5228). Any decisive movement to the north will most likely trigger the market to retest the hurdle at 1.5306. A successful attempt to surpass this level will fuel GBPUSD further towards the next target at 1.5368.
Alternative Scenario Should the market achieve to breach the daily pivot, it will find support at 1.5165.

 

 

USDCHF H4
Resistance 0.9253 0.9349 0.9420
Support 0.9087 0.9017 0.8921
Primary Scenario USDCHF is following a downtrend. If the pair manages to extend its bearish momentum, it will target the forthcoming support level at 0.9087 and then lower at 0.9017.
Alternative Scenario A higher thrust of the currency pair to penetrate the daily pivot will lead the market to eye the resistance at 0.9253. RSI oscillator supports this outlook.

USDJPY H4
Resistance 119.60 120.05 120.50
Support 119.29 118.97 118.49
Primary Scenario USDJPY is gyrating above the upper level of the cloud. A bounce up from current levels will generate strength for the exchange rate to penetrate the barrier at 119.60, targeting the forthcoming resistance at 120.05.
Alternative Scenario On the other hand, any forceful movement to the south will bring the market within the cloud, opening the way down to 118.97.

AUDUSD H4
Resistance 0.8026 0.8084 0.8138
Support 0.7915 0.7860 0.7803
Primary Scenario The pair is hovering around the daily pivot point (0.7972). A fruitful attempt to break through the critical resistance at 0.8026 will lift AUDUSD towards 0.8084.
Alternative Scenario Alternatively, a comeback of the market below the daily pivot will push prices lower down to 0.7915.

 

 

Article by ForexTime

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