Please find hereafter our daily update on the majors as of June 15th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The EUR/USD took a major hit today with a drop of 250 pips and it is probably the beginning as all the studies (daily and weekly) are pointing to further losses.
After a break of the previous low at 1,4320 we did see the pair accelerating towards 1,42 which was easily broken.
Now the target is given at the critical 1,40 level which is the last barrier before a “official” shift in the long term trend. We expect this level to be reached by the end of the week given the strong momentum on the market.Link to ATF Forum post : EUR/USD
- GBP/USD
The bounce on the Cable was finally short-lived considering the DS dollar strengh.
With a break below last week’s low the GBP/USD has validated a bearish structure with a next target at May low (1,6060).
It is worth noting that the long term trend remains bullish and we need to see a break below 1,60 before considering a trend reversal.Link to ATF Forum post : GBP/USD
- USD/JPY
We finally saw the USD/JPY taking advantage of the Dollar strengh to accelerate towards 81,00 which offers a strong resistance as it coincides with the daily 20 moving average.
Above 81,00 next target will come in just below 82,00 corresponding to the weekly 20 moving average.
We think that the pair has now the potential to move further up maybe towards 84,00 over the coming sessions.Link to ATF Forum post : USD/JPY
- USD/CHF
The USD/CHF was building a strong material base on top of its historical low (0,83330) for a few days now and it is no surprise that we saw the pair moving to the upside.
The market has found some great offers in the 0,8550 area with the daily 20 moving average always difficult to clear.
We expect a continuation to the upside with a immediate target at 0,86. There is plenty of room to move upward given the excessive drop and the oversold daily and weekly studies.Link to ATF Forum post : USD/CHF
- USD/CAD
Yesterday, the USD/CAD has made what we call a false break to the upside. Given the weekly studies still poiting to further gains on the pair, it is no surprise to see the pair building a bullish momentum.
With a sharp bounce back above the daily 20 moving average and a new test of the 0,98 resistance today, we may expect a continuation of the move probably towards parity, next important resistance.
Only a break back below 0,97 would leviate the upside pressure but we don’t support the idea of a bearish resumption over the immediate term.Link to ATF Forum post : USD/CAD
- AUD/USD
Like every currency, the Aussie has been under pressure against the US Dollar today but has offered more resistance than the Euro and Pound for example.
The pair continues to evolve in its daily range and the critical level to watch is 1,05. A break below this level would put the AUD/USD under pressure and expose a correction towards 1,02.
Talking about the commodity bloc, it is worth noting that Gold continues to be well bid as it validated a bounce today on top of 1510 for a possible bullish resumption. It is the reason why we remain very cautious with the high yield currencies as investors can wait far more longer before giving up their long positions.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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