Please find hereafter our daily update on the majors as of June 17th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
As explained in our previous analysis, the EUR/USD has confirmed a bounce on top of 1,41 with a break above 1,42 and an acceleration towards the former support at 1,4320.
Technically, the pair is drawing a nice morning star pattern which coincides with the 20 moving average on the weekly chart.
As a result, we might see a continuation of this bounce towards 1,45 (previous high) unless the market breaks down below 1,41.Link to ATF Forum post : EUR/USD
- GBP/USD
Today, the Cable has confirmed its bounce on top of 1,61 corresponding to the lower bollinger band on the daily chart.
Considering that the pair is evolving in a trading range between 1,61 and 1,66 we might see a continuation of the move to the upside with an immediate target at 1,63 (20 moving average).
Only a break below 1,61 would invalidate this bullish resumption and expose 1,60 and probably further down.
Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY didn’t manage to hold a bullish momentum as it failed ahead of the 81,00 resistance corresponding to the daily 20 moving average.
The pair is now under intense pressure again with a weekly close near the critical level at 80,00. A continuation below this support would validate a bearish resumption with a next target at 79,50.
Only a break above 81,00 would leviate this downside pressure.Link to ATF Forum post : USD/JPY
- USD/CHF
We continue to support the idea of a significant bounce on the USD/CHF.
The pair has confirmed a material base on top of its historical low (0,8330) and the daily are pointing to further gains.
We still need to see though a break above 0,8550 to confirm a continuation to the upside with a next target in the 0,88 area. Only a break back below the weekly low at 0,8350 would invalidate this bullish outlook.Link to ATF Forum post : USD/CHF
- USD/CAD
We are a bit confused with the USD/CAD which remains choppy and difficult to read.
The pair has proved an ability to move upward after on sharp bounce on top of the multi-year low at 0,95. However, it didn’t manage to clear a strong resistance at 0,98 despite a new fresh high at 0,99.
Today, we did see the pair consolidating around this critical level to finally draw a second spike in a row on the daily chart. This is a sign of reversal or at least consolidation.
We will stay on the sidelines until a clear trend emerges.Link to ATF Forum post : USD/CAD
- AUD/USD
As expected, the AUD/USD has confirmed its bounce on top of the bottom of its daily range (1,05).
The pair has quickly reached the 20 moving average at 1,06. We might now see a continuation towards 1,07.
Only a break below the critical level at 1,05 would invalidate this bullish outlook.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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