Please find hereafter our daily update on the majors as of June 21th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The major has confirmed a morning star on the daily chart from last week with a break above its former support at 1,4320.
We are now bullish with a next target at 1,45 if the market can establish above 1,44 which hasn’t been tested yet.
A break back below 1,42 would invalidate this bullish outlook with a target at critical 1,40 level.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable is still bouncing from the bottom of its range at 1,61 but the long term outlook is starting to look bearish with a break of a long term rising trendline.
A break below 1,61 would expose 1,60 and 1,59 and confirm a reversal.
We might see a test of the 1,63 level first.Link to ATF Forum post : GBP/USD
- USD/JPY
The pair is struggling with the 80,00 level for quite some time now.
A acceleration below this level 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.
However the pair is still bearish and well capped by its daily 20 moving average.
Only a break above 0,8550 would confirm a bullish potential with a next target in the 0,87 area.
A break back below 0,84 would reinforce the downside pressure.Link to ATF Forum post : USD/CHF
- USD/CAD
We continue to see the pair consolidating on the daily chart with no clear directional bias. We can now draw a trading range between 0,97 and 0,99.
The break of either bound would probably give us a clue on the future move.
It is worth noting that the bounce is still valid on the weekly chart with studies still pointing to further gains on the pair. But only a break above parity would really confirm a bullish bias.
Inversely, a break below 0,97 might accelerate towards 0,95 for a bearish resumption.Link to ATF Forum post : USD/CAD
- AUD/USD
The Aussie continues to hold above its 1,05 critical level which has been tested again yesterday.
We might see the pair testing the top of its daily range around 1,0750.
Only a break below 1,05 would invalidate this bullish outlook and signify a possible reversal in the trend.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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