USDJPY has reached a multi-year low in the previous session.

April 6, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1412 1.1443 1.1482
Support 1.1343 1.1304 1.1274
Primary Scenario EURUSD is revolving around the daily pivot (1.1374). A plunge of the market will push the market to find support at 1.1343. A successful violation of this key level will open the way down to 1.1304.
Alternative Scenario A higher thrust of the currency pair above the daily pivot will lead the exchange rate towards 1.1412.

GBPUSD H4
Resistance 1.4250 1.4342 1.4407
Support 1.4093 1.4028 1.3936
Primary Scenario The pair is following a downtrend. Should GBPUSD manage to extend its momentum, it will target the support level at 1.4093 and even lower at 1.4028.
Alternative Scenario On the other hand, a successful attempt to penetrate the daily pivot (1.4185) would lift the exchange rate towards the hurdle in line at 1.4250.

USDCHF H4
Resistance 0.9592 0.9627 0.9650
Support 0.9534 0.9511 0.9476
Primary Scenario USDCHF is trading on the daily pivot point at 0.9569. Any forceful movement downwards will trigger the market to hit the support level at 0.9534 and then lower at 0.9511.
Alternative Scenario A comeback of the market will lead the pair above the daily pivot, with immediate target the resistance at 0.9592.

USDJPY H4
Resistance 110.63 111.06 111.72
Support 110.24 109.92 109.40
Primary Scenario The pair has reached a multi-year low in the previous session. If USDJPY manages to extend its downtrend, it will eliminate the support level at 110.24 and 109.92, targeting the forthcoming level at 109.40.
Alternative Scenario Alternatively, a correction course of the pair will lead the exchange rate towards 110.63 and 111.06. RSI supports this outlook.

AUDUSD H4
Resistance 0.7610 0.7680 0.7731
Support 0.7490 0.7439 0.7370
Primary Scenario AUDUSD is negotiating on the daily pivot point (0.7560). A tumble of the market will pave the path down to 0.7490 and further down to 0.7439.
Alternative Scenario A setback of the exchange rate will fuel the pair towards the resistance level at 0.7610.

 

Article by ForexTime

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