26 Nov 2014

CROSSES UPDATE 26.11.14

AUD/NZD DAILY

The rate is curently breaking out from a box range in which it has been stuck since August. A daily close below 1.0914 would confirm the legimacy of the move and should take the rate down to test the rising trendline around 1.0750 level and further down to test the 9-year lows at the range breakout target at 1.0557.

EUR/GBP H4

After a sharp drop from the triangle range resistance the rate is nicely flagging upwards. the upside move should be capped by the old support at 0.7955 and a break below 0.7900 should take the rate down to test the triangle's support around 0.7810.

GBP/JPY H4

The rate is currently consolidating, forming something of  a sideways bull flag. A break above 186.11 level should take the rate up to test the flag target at 189.02 and the major psychological resistance level at 190.00.

A break below 184.13 level should take the rate down to test the support level at 181.10 and a break of this level would invalidate my bullish bias and signaling about broader retracement.

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