Please find hereafter our daily update on the majors as of June 7th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The EUR/USD has been consolidating on Monday after its sharp rally from last week. The uptrend is not in question and we might see a test of 1,47 soon.
We now need to see at least a break below 1,4450 to leviate the upside pressure.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable has been under pressure on Monday ahead of the BOE rate decision on Thursday. Though the 1,63 support still holds thus the pressure remains to the upside. Next target is the 1,65 area.
A break below 1,63 would expose 1,61.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY seems to carve out a material base on top of the 80,00 support. A confirmed bounce today would expose 81,00.
A break below 80,00 would resume the downtrend move with a target in the 79,00 area.Link to ATF Forum post : USD/JPY
- USD/CHF
The USD/CHF has been consolidating on Monday but the pressure remains to the downside. A break below 83,30 would accelerate with an open target.
We need to see at minimum a break above 0,8450 to leviate the immediate downside pressure. But even with that, the overall outlook would remain bearish.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD continues to struggling below the 0,98 level which confirms to be a strong resistance. From this point, we might see a corrective move towards 0,9655 (last week low). A break below this level would expose 0,95.
The overall outlook remains bearish considering the long term trend but we think that the pair might carve out a higher low formation in the 0,96 area to prepare a possible shift to the upside.Link to ATF Forum post : USD/CAD
- AUD/USD
The AUD/USD continues to consolidate in a narrow range between 1,0580 and 1,0760. We did see the 1,0760 acting as as strong resistance on Monday. Given the latest price actions and the dovish tone from the RBA after the rate decision, we might see a test of the bottom of the range around 1,06.
Only a clear break above 1,0760 would now warranty a resumption of the long term trend. We will remain on the sidelines on this pair until greater clarity emerges.Link to ATF Forum post : AUD/USD
Notice : the technical analysis are given for information purpose only. There is no entry timing so you will have to build your own strategy based on these recommendations.
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