12 Aug 2015

MAJORS UPDATE 21.08.2015

AUD/USD DAILY

The rate made a false break last night on yet another surprise yuan devaluation from PBOC. The false break is more significant as the long shadow also barely touched the 14-year rising trendline support.

A daily close below 0.7200 is needed to establish any new short positions as it would confirm a broader downtrend continuation.

Only a break above 0.7500 would invalidate my immediate bearish outlook for the pair.

NZD/USD H4

The same as it's neighbor kiwi also made a false downside break below the descending triangle support.
A break below this level at 0.6500 is neede to establish any new short positions and would open up a way towards the breakout targets at 0.6340 and 0.6220.

A break above 0.6740 would invalidate my immediate bearish outlook for the pair as it would  trigger a double bottom scenario.


GBP/USD H4

The rate has formed something of a short term bullflag after rebounding from the 3-month rising trendline and it's box range support. A break above 1.5600 should take the rate higher to test the range resistance at 1.5675 and a break above this level is needed to establish any new long positions for targets at 1.5900 and 1.6000.

A break below 1.5470 would invalidate my immediate bullish outlook for the pair.

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