14 Jul 2015

MAJORS UPDATE 14.07.2015

GBP/USD H4

After making a downside break of a possible large rising wedge formation, rate is currently testing the former lower wedge boundary as the new resistance.

A break back above this line and clearance of the former support at 1.5650 would confirm the validity of the rising channel the rate seems to be trading in, and should take the rate up to 1.5770 and 1.6000 levels.

Only a break below 1.5350 would invalidate my immediate bullish outlook for the pair and would open up a way to further downside targets and a possible test to the yearly lows around 1.4600.

AUD/USD H4

Aussie keeps losing ground and is now facing further losses as the rate has formed a possible descending triangle/bear flag.

A break below 0.7400 is needed to confirm further downside and may take the rate down to test the major rising trendline support around 0.7200-0.7250.

A break above 0.7500 would suggest continued trading within the range, however, only a daily close above 0.7600 would invalidate my immediate bearish outlook for the pair.

USD/CAD H4

The reate is currently sitting just below the yearly highs around 1.2800 region.

A daily close above 1.2835 is needed to confirm further upside, however, a strong rejection from this level would suggest continued trading within the range.

Only a daily close below 1.2550 would invalidate my immediate and medium term bullish bias for the pair.

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