3 Mar 2015

MAJORS UPDATE 03.03.2015.

EUR/USD H4

The rate is now stuck in a small consolidation range after breaking out of the previous month-long one. It seems to have formed a bearish pennant, so a downside break under 1.1160 should take the rate down to test the yearly low at 1.1097 and major psychological support which coincides with 100% pennant breakout target at 1.1000.

Any upside move should be capped by the February's lows now turned resistance at 1.1260, however only a daily close above the 1.1500 level would invalidate my bearish bias for the pair.

GBP/USD H4 

The rate is currently testing an important support at 1.5350. A failure to break to the downside would indicate the rate is ready to continue higher and we might see a test of the year's high at 1.5552.

Only a daily close below the 1.5300 level would invalidate my immediate bullish bias for the pair and should take the rate down to test the major psychological support at 1.5000 once more.

AUD/USD H4

The rate shoot up last night after  failed expectations that the RBA would slash rates in their second meeting in a row.

It is now testing the falling trendline and a break above the last week's highs at 0.7912 should take the rate up to test the major resistance at 0.8000, however, only a daily close above this level would invalidate my immediate and medium term bearish bias for the pair.

The rate seems to have found a small support at 0.7740 level and a break below should take the rate down to test the multi-year low at 0.7626.

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