2 Feb 2015

MAJORS UPDATE 02.02.15.

EUR/USD H4

The rate keeps trading in a tight range. It is currently testing the falling trendline from back in December.

A break above the trendline should take the rate up test the old support/new resistance area at 1.1460-1.1540, however only a daily close above this level would invalidate my immediate bearish bias for the pair.

A break below 1.1260 is needed for confirmation that the larger downtrend is ready to resume and rate is heading down to test the multi-year low at 1.1097 and major psychological support at 1.1000.


GBP/USD H4

The rate seems to be forming a symmetrical triangle on H4 chart.

A break above the level of interest at 1.5100 should take the rate up to test the triangle's upper boundry  around 1.5200 and in turn a break of this level would confirm an inverse head and shoulders pattern and indicate the rate is ready for more serious recovery.

A daily close under the major psychological level at 1.5000 should take the rate down towards the previous long term turnaround around 1.4800 level.


AUD/USD H4

After breaking the major psychological support at 0.8000 and tested it as the new resistance, the rate went to break another major support - the lower boundy of a two-year-long channel. It is now forming a bear flag to test this support as the new resistance.

A break below 0.7721 should take the rate down towards the long term rising trendline around 0.7300-0.7400 area.

Only a break back above 0.8000 would invalidate my medium term bearish outlook for the pair.

0 comments :

Post a Comment