EURUSD has violated the key support level at 1.1291.

May 18, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1338 1.1366 1.1385
Support 1.1291 1.1273 1.1245
Primary Scenario EURUSD has violated the key support level at 1.1291. Further drop of the market will push prices down to 1.1273 and even lower at 1.1245.
Alternative Scenario An upward wave above the daily pivot (1.1319) will lift the exchange rate towards 1.1338.

GBPUSD H4
Resistance 1.4523 1.4587 1.4651
Support 1.4395 1.4331 1.4267
Primary Scenario The pair is oscillating around the daily pivot point at 1.4459. A decisive movement to the south will most likely lead GBPUSD towards the support level at 1.4395 and further down to 1.4331.
Alternative Scenario On the other hand, a successful attempt to penetrate the daily pivot will fuel the pair to retest the hurdle at 1.4523.

USDCHF H4
Resistance 0.9824 0.9844 0.9881
Support 0.9766 0.9730 0.9709
Primary Scenario USDCHF surged above the hurdle at 0.9824 in today’s session. Should the pair manage to extend its momentum, it will target the forthcoming resistance levels at 0.9844 and 0.9880.
Alternative Scenario A plunge of the currency pair below the daily pivot will pave the path down to 0.9766. RSI oscillator supports this outlook.

USDJPY H4
Resistance 109.21 109.63 110.18
Support 108.71 108.34 107.90
Primary Scenario The USDJPY pair is now poised to surpass the barrier at 109.21. If that happens, the next resistance is estimated at 109.63 and then higher at 110.18.
Alternative Scenario Alternatively, a tumble of the market will push the market to violate the support at 108.71, with immediate target the upper level of the cloud at 108.34.

AUDUSD H4
Resistance 0.7365 0.7407 0.7449
Support 0.7281 0.7239 0.7197
Primary Scenario AUDUSD is now testing the support at 0.7281. A break back below this level will open the way down to 0.7239 and even lower at 0.7197.
Alternative Scenario A higher thrust of the market will trigger the pair to retest the daily pivot (0.7323) and further up to 0.7365.

 

Article by ForexTime

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