Please find hereafter our daily update on the majors as of June 14th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
Yesterday we did see the EUR/USD finding some support on top of 1,43 level. The pair has actually bounced on the daily 20 moving average.
Considering the long term bullish trend, we might see a continuation of the bounce and maybe the resumption of the uptrend. However, the advance should be well capped ahead of the 1,45 level.
In any case, we need to see a break below 1,43 to leviate the upside pressure and expose the pair to further losses with a next target at 1,42.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable has bounced significantly on top of 1,62 level breaking back above 1,63. The move has accelerated after BoE Weale expressing its concern about the inflation which might exceed 5% in 2011.
From a technical stand point, the market has drawn a nice engulfing candle on the daily chart which could indicate a potential resumption of the uptrend. A validation of the bounce would expose an immediate target at 1,6450 with a possible extension towards 1,66.
A break back below 1,63 would of course invalidate this bullish outlook.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY is consolidating above the 80,00 level. A break below this level would maintain a bearish pressure with an open target.
We think though that the pair continues to build a material base which should ultimately bring back it towards 82,00 and then 84,00 over the middle term.Link to ATF Forum post : USD/JPY
- USD/CHF
We need to see a break back above 0,84 and even 0,85 to really consider a bullish bounce. It is worth noting that there will be many barriers to get though for the bulls starting with the daily 20 moving average at 0,8560.
We will see how things develop and if the US Dollar manages to resume its bullish bounce.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD is strugging with the lower bounds of its rising channel. The channel has hold yesterday but the pair doesn’t manage to break through its strong resistance at 0,98.
If the US Dollar doesn’t confirm its bounce, we might see the pair breaking down below this channel soon. It would signify a resumption of the downtrend with a next target at 0,95.Link to ATF Forum post : USD/CAD
- AUD/USD
The Aussie continue to trade flat in its daily range between 1,05 and 1,08.
Yesterday the pair manages to bounce on top of its lower bound of the range. An acceleration above 1,0650 would expose 1,08 over the coming sessions.
Inversely, a break below the key 1,05 support would validate a possible reversal with a next target at 1,02.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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