02.10.2014 - Technical view

The price of EUR/USD started to correct after consolidation above 1.2600. In the near future the price correction may continue to the levels of 1.2700 and 1.2825, but is more likely to reach an inclined resistance level and then to resume the downward movement. We expect continued downward movement in the medium term with the closest targets near 1.2500 and 1.2200 and recommend holding short positions with a stop above 1.2825.

Nearest resistance levels: 1.2700, 1.2825, 1.3000, 1.3100, 1.3160, 1.3200, 1.3240

Nearest support levels: 1.2600, 1.2500, 1.2450, 1.2200

The price of GBP/USD has broken through the upper limit of the local downward channel and continues to consolidate around the level of 1.6200. In case of continued upward correction, the closest targets will be the levels of 1.6300 and 1.6450. A further fall in prices is limited by the level of 1.6050. Despite the current downward trend, we expect the resumption of growth of the British pound in the medium term and maintain a positive outlook.

Nearest resistance levels: 1.6300, 1.6400, 1.6450, 1.6535, 1.6600, 1.6670

Nearest support levels: 1.6050, 1.6000, 1.5800

The price of USD/JPY after failing to overcome the level of 110.00 started to decline sharply and reached a strong sloping support line and approached the level of 108.50, but could not overcome it. In the near future the price will likely continue to consolidate near these levels and then probably will resume its upward movement. We recommend to fix the long positions in case of fixing the price below 108.50. Our medium-term outlook remains positive.

Nearest resistance levels: 110.00, 111.00, 115.00, 120.00

Nearest support levels: 108.50, 107.00, 106.00, 105.40, 104.70, 104.00, 103.70

The price of AUD/USD has broken through the upper limit of the downward channel and reached the level of 0.8800. In case of overcoming this mark, quotations are likely to rise to 0.8825. In case of overcoming the level of 0.8925, we recommend to close short positions and to wait for a signal for further actions. Despite the current upward correction, our medium-term outlook remains negative and we expect a fall in price of the Australian dollar to the levels of 0,8600-0,8500.

Nearest resistance levels: 0.8800, 0.8925, 0.9000, 0.9100, 0.9130, 0.9200

Nearest support levels: 0.8700, 0.8660, 0.8600, 0.8550, 0.8500

The price of NZD/USD after a few days of consolidation around the level of 0.7800, started to rise sharply and reached the level of 0.7900. In case of continuation of the current positive momentum we see continued growth of price to the level of 0.8000. We recommend holding short positions with a stop above 0.8000. Medium-term trend remains negative and we expect further price decline of the New Zealand dollar with the objectives at 0.7500 and 0.7200.

Nearest resistance levels: 0.7900, 0.8000, 0.8050, 0.8270, 0.8350, 0.8400

Nearest support levels: 0.7700, 0.7500

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