8 Jun 2015

MAJORS UPDATE 08.06.2015

EUR/USD H4

Rate is currently trading at an important level of interest for the past month - 1.1070. A break bellow this level should take the rate down to test 2 month uptrend line at around 1.0920.

A failure here may take the rate up to test the upper boundary of the contracting range, the rate seems to be trading in.

An upside break above 1.1500 or a downside break below 1.0820 is needed to indicate further direction for the pair.

GBP/USD H4

Cable is currently testing the last week's low at 1.5170. A break below this level should take the rate down to the major psychological support level, which also acts as a polarity change at 1.5000.

A break above 1.5500 would invalidate my immediate bearish outlook for the pair as it should take the rate up to 1.5700 and possibly 1.5900 levels.

USD/CAD H4

The rate is currently trading in the middle of a range so we first need to see a break to either side to establish any new positions.

A break above 1.2560 would trigger a bull flag scenario. And would open up a way to yearly highs at 1.2800.

A break below 1.2370 would trigger a double top scenario and would indicate a resumption of the medium term downtrend and may take the rate down to 1.2170 (the 100% breakout target) and 1.1950 (previous falling channel lows)

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