27 Nov 2014

MAJORS UPDATE 27.11.14

EUR/USD H4

As expected, after breaking 1.2445 level rate went up to test the falling trendline and experienced a sharp drop. A break back below 1.2445 should take the rate down to test the yearly lows at 1.2357.

A break above the november range at 1.2575 would invalidate my immediate bearish outlook for the pair, as it would indicate the start of a bigger retracement towards 1.2750 and 1.2840 levels.


AUD/USD H4

Better than expected data from the land down under last night helped aussie to recover grounds after making new 4-year lows on wednesday. The next 4H session will be essential for the pair as it is currently testing the old triangle support as the new resistance. A close above the resistance around 0.8600 would invalidate my immediate bearish outlook for the pair, however a strong rejection to the downside would signal that the rate is ready to take the next leg lower and head down to the triangle's breakout target at 0.8217.


USD/JPY H4

In the overnight trading the rate went down to test the previous week's lows at 117.38 but failed to close below this level.

As both - the short term and medium term RSI momentum is still bearish, my immediate outlook for the pair is still more bearish, however a close below 117.38 is needed to trigger more serious retracement towards 117.00 and 116.00.

A failure to close below the support should take the rate back up to test this decades highs at 118.53 and 118.98

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