GBPUSD turned sharply bullish, after clearing all the given resistance levels.

May 8, 2015

Article by ForexTime

EURUSD H4
Resistance 1.1359 1.1452 1.1514
Support 1.1205 1.1143 1.1050
Primary Scenario EURUSD edged up at 1.1391, before closing below the daily pivot point (1.1298). A deeper correction will lead to a trend change, pushing prices to violate the support at 1.1205, with immediate targets the next support at 1.1143 and even lower to retest 1.1050.
Alternative Scenario A bounce up from current levels will trigger the market to penetrate the daily pivot, targeting the hurdle in line at 1.1359.

 



GBPUSD H4
Resistance 1.5291 1.5338 1.5402
Support 1.5179 1.5115 1.5068
Primary Scenario The pair turned sharply bullish, after clearing all the given resistance levels. If GBPUSD manages to continue its rally, it will gain momentum to test the key resistance at 1.5551 and further up at 1.5700 (Fibonacci resistance level 423.6%).
Alternative Scenario A comeback of the market will push the exchange rate into a correction phase down to 1.5402. RSI oscillator is amounted at 76, trading within an overbought territory.

 

 

USDCHF H4
Resistance 0.9272 0.9326 0.9427
Support 0.9117 0.9016 0.8962
Primary Scenario USDCHF bounced up from the previous bottom and is now heading towards the hurdle at 0.9272. A successful penetration of this level will lift the currency pair to hit the forthcoming resistance at 0.9326.
Alternative Scenario Should the pair manage to breach the daily pivot at 0.9171, it will open the way down to 0.9117.

USDJPY H4
Resistance 120.05 120.50 120.84
Support 119.78 119.57 119.38
Primary Scenario After testing the critical support at 119.05, USDJPY finally achieved to generate strength and proceed to higher levels away from the cloud. A decisive movement upwards will fuel the pair to exceed the barrier at 120.05 and then higher at 120.50.
Alternative Scenario Alternatively, a plunge of the market below the support level at 119.78, will lead the pair to retest the key support at the upper level of the Kumo (119.57.

AUDUSD H4
Resistance 0.7976 0.8047 0.8090
Support 0.7862 0.7818 0.7747
Primary Scenario AUDUSD has tested the support level at 0.7862. Any purposeful movement to the south will push the pair to eliminate this level, targeting the forthcoming support at 0.7818.
Alternative Scenario A higher thrust of the market above the daily pivot (0.7933) will lift the market towards the resistance at 0.7976.

 

 

Article by ForexTime

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