USDJPY emerged above the cloud in today’s session.

May 12, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1458 1.1490 1.1535
Support 1.1380 1.1335 1.1303
Primary Scenario EURUSD is revolving around the daily pivot point at 1.1413. A decisive movement to the north will fuel the pair further towards the resistance level at 1.1458 and even higher at 1.1490.
Alternative Scenario A setback of the prices below the daily pivot will lead the market down to 1.1380.

GBPUSD H4
Resistance 1.4490 1.4534 1.4582
Support 1.4398 1.4349 1.4305
Primary Scenario The pair is gyrating the daily pivot (1.4442). A drop of the market below this level will open the way down to retest the barrier at 1.4398 and then lower at 1.4349.
Alternative Scenario On the other hand, an upward wave would lift the currency above the daily pivot, targeting the resistance at 1.4490.

USDCHF H4
Resistance 0.9745 0.9783 0.9807
Support 0.9683 0.9660 0.9621
Primary Scenario USDCHF edged up at 0.9761, before retracing below the daily pivot (0.9721). Further correction of the currency pair will most likely push the market down to 0.9683 and even lower at 0.9660.
Alternative Scenario A higher thrust of the exchange rate above the daily pivot will lift the pair towards 0.9745.

USDJPY H4
Resistance 109.36 109.85 110.33
Support 108.71 108.21 107.84
Primary Scenario The USDJPY pair emerged again above the cloud in today’s session. Should the pair manage to extend its momentum, the next resistance is estimated at 109.36 and then higher at 109.85.
Alternative Scenario Alternatively, a plunge of the currency pair below the upper level of the cloud (108.71) will pave the path down to 108.21.

AUDUSD H4
Resistance 0.7404 0.7436 0.7471
Support 0.7338 0.7303 0.7271
Primary Scenario AUDUSD experienced strong resistance in the previous session. If the bears manage to take control of the bulls, the exchange rate will violate the support at 0.7338, with immediate target the forthcoming support at 0.7303 and further down to 0.7271.
Alternative Scenario If the pair achieves to penetrate the daily pivot at 0.7370, it will climb towards the resistance at 0.7404.

 

Article by ForexTime

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