16 Jun 2015

MAJORS UPDATE 16.06.2015

AUD/USD H4

The rate is currently trading in a tight range within a descending triangle range in the middle of a larger range.

A break below 0.7700 should take the rate down to test the descending triangle floor at 0.7600. Although a further downside break is unlikely a daily close below 0.7600 would signal about a potential move towards 0.7250-0.7300.

A break above 0.7800 is preferred and may take the rate up to test the range highs around 0.8100.

USD/JPY H4

The rate is currently testing the old support as the new resistance at 123.75. The current price formation resembles a rising wedge therefore a downside break is preferred.

A break below 123.00 should take the rate lower to test the major support at 122.40. As a further break below this level is less likely - it may provide with a good opportunity to long the pair.

A break above 123.75 should take the rate up to test the yearly highs at 125.80.

EUR/USD H4

The rate has formed a possible symmetrical triangle. A break above 1.1350 may take the rate up to 1.1500 level and a break below 1.1190 down to 1.1000, however, it is not advisable to trade these breaks as they are a part of a larger range.

The proffered tactic for summer trading this pair is to trade the bounces of the range highs and lows (1.1000; 1.1500)

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