Please find hereafter our daily update on the majors as of June 16th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The pair has confirmed a bearish momentum today with an acceleration towards 1,41. However, the market seems to have found some great support on top of this level.
A break above 1,42 would now expose a test of the former support at 1,4320.
It is worth noting that the long term trend remains bullish and the weekly 20 moving average is now support.
We need to see a break below 1,41 to confirm a bearish outlook.Link to ATF Forum post : EUR/USD
- GBP/USD
With a break below 1,63 we were expecting a test of 1,61 which has been reached today.
Then we saw the market bouncing on this level which coincides with the daily lower bollinger band (see chart below).
We are not necessarily bearish at this point considering the technical setup. We expect some consolidation above this level.
Only a break below 1,61 would put some pressure on the pair with an immediate target at 1,60 (200 moving average).Link to ATF Forum post : GBP/USD
- USD/JPY
The advance of the USD/JPY has been well capped by the 81,00 level.
The momentum remains bullish but we need to see a clear break above this resistance to validate a potential towards 82,00.
A break back below 80,50 exposes 80,00 with the risk of a bearish resumption.Link to ATF Forum post : USD/JPY
- USD/CHF
The momentum is bullish and there is plenty of room to the upside but the pair is facing a strong resistance with the daily 20 moving average.
We need to see a clear break above 0,8550 to confirm a potential to the upside.
Inversely, a break back below 0,8450 might signify a resumption of the downtrend.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD has confirmed its bullish momentum today by breaking above June high. However, the advance has stalled out ahead of 0,99.
Despite the pullback, we think that the pair has the potential to reach parity soon considering that the studies are pointing to the upside.
Only a daily close below 0,98 would concern.Link to ATF Forum post : USD/CAD
- AUD/USD
It is the same scenario for more than 2 week with the Aussie consolidating in its daily range between 1,05 and 1,08.
We were watching this 1,05 critical level today and it held perfectly.
Considering the long term bullish trend and the bottom of the daily range, we might see the pair going back towards the 1,06 area and maybe 1,07.
Only a confirmed break below 1,05 would leviate the upside pressure.
We will stay on the sidelines on this pair until a clear trend 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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