01.08.2014 - Technical view

The price of EUR/USD continues to consolidate around the important level of 1.3400 and approached the upper boundary of the downtrend channel and will likely continue to decline within the channel. In case of a reversal of the local trend, a buy signal will be fixing the price above the level of 1.3440. We expect further price decline and maintain a medium-term negative outlook with the objectives of 1.3200 and 1.2800.

Nearest resistance levels: 1.3400, 1.3440, 1.3500, 1.3530, 1.3590, 1.3665, 1.3700

Nearest support levels: 1.3200, 1.3160, 1.3000, 1.2800

The price of GBP/USD has broken through the strong level of 1.6900 and continued to decline. Current trend will likely continue in the near future, and the price may reach the levels of 1.6810 and 1.6770. Correction is possible to the top boundary of the channel and the level of the nearest local maximum of 1.6930. Despite the current negative trend, we keep medium-term positive outlook.

Nearest resistance levels: 1.6900, 1.7000, 1.7050, 1.7100, 1.7180, 1.7200, 1.7300

Nearest support levels: 1.6810, 1.6770

The price of USD/JPY continues to consolidate above the important level of 102.70. Considering the fact that before the consolidation we have seen а strong growth of quotations, we expect continued positive dynamics with the closest targets of 104.00 and 104.70. For the reversal of the current trend the price needs to break and fix below 102.70. Medium-term outlook remains positive.

Nearest resistance levels: 103.00, 104.00, 104.70

Nearest support levels: 102.70, 102.20, 101.90, 101.15, 100.90, 100.00

The price of AUD/USD after trying to continue falling, corrected upwards to the inclined resistance level. Further growth of price is limited by the level of resistance and is possible to the level of 0.9330. We predict that in the near future the price will continue to fall to the level of 0.9220 and recommend holding short positions. Medium-term outlook also remains negative.

Nearest resistance levels: 0.9330, 0.9440, 0.9500, 0.9600

Nearest support levels: 0.9220, 0.9200, 0.9100

The price of NZD/USD stabilized above the level of 0.8480, above which is now consolidated. In addition, quotes are trying to go beyond the descending channel and in case of overcoming the level of 0.8560, we recommend to open long positions with the target of 0.8650. The potential for further reduction is limited and in the near future, the price is likely to continue to move around the current levels, although today we expect an increase in volatility. To determine future price movement, we need new signals.

Nearest resistance levels: 0.8560, 0.8600, 0.8660, 0.8720, 0.8780, 0.8800, 0.8850

Nearest support levels: 0.8480, 0.8400

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