3 Mar 2015

CROSSES UPDATE 03.03.2015

GBP/CAD H4

The rate is trading in a tight range at rising channel support. A break below 1.9200 level should take the rate down to test the support at 1.9110 and only a daily close below this level would invalidate my immediate bullish outlook for the pair.

Keep an aye on Oil market for further hints as it is unlikely for the pair to break the current range unless the Oil breaks on either side of 48.50 - 54.00.

AUD/JPY H4

The rate broke the falling trendline resistance overnight on the lack of action from RBA overnight. I am waiting for the daily close above the previous highs at 94.00 for confirmation that the downtrend from the end of the last year may be reversing and the rate is resuming it's broader uptrend.

A break back below the trendline and 93.00 level would indicate a false break and invalidate my immediate bullish outlook for the pair.

GBP/JPY H4

The rate is currently stuck in a tight range just below the major resistance level at 185.00. An upside break should open up a way for the previous highs at 187.50 and 189.70.

A downside break below 183.50 should take the rate down to previous support level at 181.60, however only a daily close below this level would invalidate my medium term bullish outlook for the pair.

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