8 Jun 2015

MAJORS UPDATE 08.06.2015


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.


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.


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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