4 Jun 2015

MAJORS UPDATE 04.06.2015

EUR/USD H4

As expected - after ECB's press conference yesterday, Euro continued to climb higher with today's high at 1.1378.

I currently don't have any bias as the rate is trading in the middle of a range between 1.1500 and 1.1070.

The range's upper boundary at 1.1500 also acts as a neckline for a massive inverse head and shoulders/double bottom formation, and although less likely, would trigger much more serious retracement towards 1.2000.

A move back below 1.1070 (the preferred scenario) would indicate the larger summer range trading and possible move towards the lows at 1.0500

GBP/USD H4

Cable is currently testing a falling channel resistance. A move above 1.5500 would indicate the rate is ready to trade higher and may take the rate up to test the recent highs at 1.5750.

A failure to break out from the channel formation would most likely trigger a decline towards the channel lows around 1.5200.

Only a break below 1.5090 would invalidate my medium term bullish outlook for the pair.

USD/JPY H4

The rate has formed a potential head and shoulders pattern yet again, with the neckline being the same as the one last week.

A break below 123.40 should trigger a decline towards 122.00 level to test the former resistance as the new support and only a daily close below this level would invalidate my medium term bullish outlook for the pair.

A failure to break to the downside and a bounce higher from the short term trendline would indicate an uptrend resumption and should take the rate back up test the yearly high at 125.00

0 comments :

Post a Comment