14 Jan 2015

CROSSES UPDATE 14.01.2015

AUD/NZD H4

The rate is showing signs of bottoming out and has formed a potential inverse head and shoulders pattern on H4 chart.

A break of the neckline at 1.0575 should take the rate up to test the old support becoming new resistance at 1.0750. A break above this level would indicate the rate may be starting a broader recovery against it's New Zealand counterpart.

A failure at the neckline should leave the rate ranging and would indicate it is heading down to test the yearly lows at 1.0353.

EUR/GBP H4

The rate is currently testing the recent range's support which also acts as a multi-year support at 0.7750.

A break below this level should take the rate down to 0.7635 - the range breakout target and 0.7530 - the larger triangle breakout target.

A failure here would leave the rate stuck in the range between 0.7750 - 0.7860.


GBP/JPY H4

After breaking the neckline of the head and shoulders pattern the rate consolidated in a bear flag right beneath the neckline and made a downside break overnight.

It is now heading for the breakout targets at 175.60 and 172.30.

Only a break above the former neckline at 181.00 would invalidate my immediate bearish bias for the pair.

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