Please find hereafter our daily update on the majors as of June 14th 2011 (evening).
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
As expected, we did see the EUR/USD continuing its bounce towards 1,45 before rolling-over.
The pair might now build a double top formation with an immediate support at 1,4320. A break below this level would expose 1,42 and put the major under intense pressure with a main target 1,40 (base of the double bottom structure).
Inversely, an acceleration above 1,45 would expose 1,47 and confirm the bullish trend.
We will see how things develop over the coming sessions. Studies are pointing to further losses on the EUR/USD but we don’t want to rush into things.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable has been consolidating today with a shy high at 1,6450.
Considering the validated bounce from yesterday, we continue to encourage a bullish prospect on the pair but we now need to see a break above 1,6450 and even 1,65 to leviate any downside pressure.
With employment datas released tomorrow (08h30 GMT), we might see the Pound confirming its strengh or reversal.
We will wait for a better picture to emerge before building our reevaluate our strategy.Link to ATF Forum post : GBP/USD
- USD/JPY
The momentum is still building on the USD/JPY but we still think that the setup is constructive with a material base on top of 80,00 level.
We now need to see a break above 80,70 to ensure a continuation towards 82,00 (200 daily moving average).
A break below 80,00 would obviouly invalidate the bullish outllok and maintain the pressure to the downside.Link to ATF Forum post : USD/JPY
- USD/CHF
If the USD/CHF remains bearish moving below its descending 20 moving average, we see signs of a potential reversal at least over the short term.
Indeed, we did see the pair sharply break back above 84,00 today after another try of the bears to take control of the market. This is a strong sign that something is changing in the momentum.
We now need to see the market accelerating above 0,8500 to leviate the immediate downside pressure.
A break below 0,8350 would resume the downtrend.Link to ATF Forum post : USD/CHF
- USD/CAD
As we expected, the rising channel has been finally broken. It was a significant move down by the USD/CAD which closed the day below 0,97.
We might see the pair being under pressure over the coming sessions with a downside risk towards previous low at 0,95.
Only a break above 0,98 would leviate this bearish outlook but we don’t support this idea as the market wasn’t able to clear this barrier several times over the past trading sessions.
A pullback is possible in the early stage of next trading day but it might be short-lived and well capped ahead of 0,9750.Link to ATF Forum post : USD/CAD
- AUD/USD
Today, the Aussie has confirmed its strengh by breaking above 1,0650 in a clear bullish momentum.
We might see a test of the upper bound of the daily bollinger bands at 1,08.
The pair is still consolidating in a daily range which means there is no clear trend unless you look at a broader picture like the weekly chart showing an endless bullish trend.
Only a break back below 1,06 would invalidate the bullish bounce over the short term and expose 1,05.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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