AUDUSD bottomed at 0.7246, before retracing above the daily pivot.

May 16, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1361 1.1418 1.1458
Support 1.1265 1.1225 1.1168
Primary Scenario EURUSD has finally breached the daily pivot point at 1.1322. If the pair manages to extend its momentum, the next support is seen at 1.1265 and even lower at 1.1225.
Alternative Scenario A higher thrust of the currency pair above the daily pivot will lift the exchange rate towards 1.1361.

GBPUSD H4
Resistance 1.4426 1.4497 1.4540
Support 1.4311 1.4268 1.4197
Primary Scenario The pair is now trading below the daily pivot (1.4382). Should the bears achieve to take control of the bulls, GBPUSD will target the support level at 1.4311 and further down to 1.4268.
Alternative Scenario On the other hand, an upward wave will lead the pair above the daily pivot, with immediate target the resistance at 1.4426.

USDCHF H4
Resistance 0.9781 0.9815 0.9857
Support 0.9706 0.9664 0.9631
Primary Scenario USDCHF is negotiating near the previous top. A successful attempt to surpass the hurdle in line at 0.9781 will most likely trigger the rate towards 0.9815.
Alternative Scenario A tumble of the market below the daily pivot (0.9740) will open the way down to 0.9706.

USDJPY H4
Resistance 108.98 109.53 109.90
Support 108.68 108.21 107.84
Primary Scenario The pair is gyrating the upper level of the cloud at 108.68. Any decisive movement to the north will accelerate the pair to breach the barrier at 108.98, with immediate target the resistance level at 109.53.
Alternative Scenario Alternatively, any successful violation of the upper level of the Kumo will pave the path down to 108.21.

AUDUSD H4
Resistance 0.7308 0.7351 0.7379
Support 0.7237 0.7210 0.7166
Primary Scenario AUDUSD bottomed at 0.7246, before retracing above the daily pivot (0.7280). Further correction of the pair will lead the market towards 0.7308 and then higher at 0.7351.
Alternative Scenario A break back below the daily pivot will push prices to find support at 0.7237.

 

Article by ForexTime

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