EURUSD experienced strong resistance around the daily pivot zone.

March 23, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1253 1.1292 1.1325
Support 1.1182 1.1149 1.1110
Primary Scenario EURUSD experienced strong resistance around the daily pivot zone (1.1220). Any purposeful movement to the south will push prices to eliminate the support level at 1.1182, with immediate target the forthcoming support level at  1.1149.
Alternative Scenario A comeback of the currency pair will lead the market above the daily pivot, targeting the resistance at 1.1253.

GBPUSD H4
Resistance 1.4343 1.4473 1.4550
Support 1.4136 1.4059 1.3929
Primary Scenario A strong bearish movement led GBPUSD to violate the key support at 1.4343 and the daily pivot at 1.4266. Should the bearish momentum extend, the next support is seen at 1.4136 and further down to 1.4059.
Alternative Scenario An upward wave would lift the currency pair towards the daily pivot and even higher to retest 1.4343.

USDCHF H4
Resistance 0.9747 0.9765 0.9795
Support 0.9699 0.9669 0.9652
Primary Scenario USDCHF is now testing the important resistance level at 0.9747. A successful penetration of this level will trigger the market to climb towards the next levels at 0.9765 and 0.9795.
Alternative Scenario A plunge of the market will push the pair to find support at the daily pivot point (0.9717).

USDJPY H4
Resistance 112.46 112.93 113.31
Support 112.12 111.55 110.80
Primary Scenario The USDJPY pair is trading below the Kumo. A tumble of the market below the barrier at 112.12 will pave the path down to 111.55.
Alternative Scenario Alternatively, a surge of the pair above the hurdle in line at 112.46 would fuel the pair to hit the resistance at 112.93.

AUDUSD H4
Resistance 0.7654 0.7694 0.7746
Support 0.7562 0.7510 0.7471
Primary Scenario AUDUSD is oscillating around the daily pivot at 0.7602. A bounce up from current levels will lead the rate to retest the hurdle at 0.7654. If the pair manages to surpass this level, the next resistance is estimated at 0.7694.
Alternative Scenario On the other hand, a break back below the daily pivot will open the way down to 0.7562.

 

Article by ForexTime

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