02.06.2015 - Technical view
Currencies trading and euro. The price of EUR/USD continues to decline within the descending channel after an unsuccessful attempt to break through the level of 1.1000 and the upper boundary of the channel. Currently quotes are moving along the upper boundary of the descending channel and within it is likely to reach the target levels of 1.0700 and 1.0550. The growth in the case of correction is limited by the psychologically important level of 1.1000. We maintain a medium-term negative outlook and recommend holding short positions.
Nearest resistance levels: 1.1000, 1.1200, 1.1280, 1.1400, 1.1500, 1.1620
Nearest support levels: 1.0800, 1.0550
Currencies trading and British pound. The price of GBP/USD continues to decline within the descending channel. Currently quotes show a minor correction after reached the target level of 1.5200. According to our estimates, quotes with a high probability will continue falling to 1.5100 in the near future. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 1.5350 and objectives at 1.5100 and 1.4600.
Nearest resistance levels: 1.5350, 1.5450, 1.5500, 1.5700, 1.5800, 1.6000
Nearest support levels: 1.5200, 1.5000, 1.4700, 1.4600, 1.4500
Currencies trading and Japanese yen. The price of USD/JPY has reached the target level of 125.00 after some consolidation near the level of 124.00. In the near future quotes probably will correct to the lower boundary of the rising channel. The breaking of the bottom of the channel and fixing the price below the level of 124.00 will confirm the signal for the opening short positions with the potential of fall to 120.20 and 118.50. We expect the price growth in the medium term and recommend holding long positions.
Nearest resistance levels: 125.00, 128.00, 130.00
Nearest support levels: 123.00, 122.00, 121.00, 120.20, 119.00, 118.50, 117.40, 116.00
Currencies trading and Australian dollar. The price of AUD/USD reached the level of 0.7600 and then started to correct and has broken through the upper limit of the downward channel. In case of continued growth and fixing the price above the local maximum near 0.7750, we recommend taking profits on short positions and to open long ones with upside potential to 0.7800 and 0.8000. We expect the price to continue falling in the near future to the level of 0.7550, and we maintain a medium-term negative outlook.
Nearest resistance levels: 0.7700, 0.7800, 0.7900, 0.8000, 0.8200, 0.8250, 0.8500
Nearest support levels: 0.7600, 0.7550, 0.7500, 0.7200
Currencies trading and New Zealand dollar. The price of NZD/USD continues to consolidate above the level of 0.7080, and may soon reach the upper limit of the downward channel. The signal about changing the current negative trend to positive will be breaking through the upper boundary of the descending channel and fixing the price above the level of 0.7260. We expect a further decline in prices in the near future with a target at 0.7000.
Nearest resistance levels: 0.7200, 0.7300, 0.7400, 0.7430, 0.7500, 0.7620, 0.7700, 0.7740, 0.7800
Nearest support levels: 0.7000