1 Sep 2015

MAJORS UPDATE 01.09.2015

EUR/USD H4

The rate has started the week with a bounce higher from the August's rising trendline.

I am looking for a continued move lower as the rate may be working on a  double bear flag formation.

A break below the weekly opening range at 1.1160 should take it down to test the support of the larger bear flag/rising channel support around 1.1000.

A break above 1.1307 would invalidate my immediate bearish bias for the pair.



GBP/USD H4

The rate is currently testing the 2-month-low at 1.5330. A break below this level should take it down to 1.5200 level and potentialy start a move towards the yearly lows around 1.4700.

A break above 1.5455 would invalidate my immediate bearish bias for the pair and may take the rate up to test the broken rising channel support as the new resistance around 1.5570.

AUD/USD MONTHLY

The rate has broken the major 14-year rising trendline support.

A break below the major psychological level at 0.7000 would indicate the break as legit and would open up a way towards the 2008/2009 lows at 0.6000.

Only a daily close above 0.7500 level would invalidate my overall bearish bias for the pair.

2 comments :

  1. why gbp is falling, as in monthly chart it should now rise up

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    Replies
    1. Why would you say that? The GBP/USD monthly chart is in a downtrend as well.

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