10 Dec 2014

CROSSES UPDATE 10.12.14

EUR/GBP H4

The rate has reboundend from the falling trendline and with the bearish RSI momentum still intact, I am inclined to believe the rate is going to continue lower. A break below 0.7890 should take the rate down to test the previous lows at 0.7850 and possibly the symmetrical triangle support around 0.7835.

A break above 0.7930 should take the rate up to test the 0.7975 and possibly the triangle resistance around 0.8000.


EUR/AUD H4

The rate has formed something of a double top formation at the long term falling trendline resistance. A break below the neckline at 1.4865 should take the rate down to test the old resistance/new support at 1.4760 and the old box range resistance at 1.4700.

This is also acts as a possible right shoulder to a massive head and shoulders formation on a weekly chart. I would have liked to see the rate test the huge psychological resistance at 1.5000 before heading down so only a daily close above this level will invalidate my bearish bias for the pair.


AUD/NZD H4

The rate is ranging between 1.0858 and 1.0759 right at the rising trendline dating back from January, which indicates that rate could be bottoming out.

A break above the range resistance would confirm my bullish bias and take the rate up to test the old support/new resistance at 1.0932. A break above this level is needed to target this year's high at 1.1300.

A break below range support should take the rate down to test the yearly low around 1.0500.

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