02.12.2014 - Technical view

The price of EUR/USD reached the strong resistance at 1.2500 and the inclined line that limits growth, but could not overcome these levels and started to decline. According to our estimates, the price in the near future will continue the downward movement with a target near the level of 1.2360, which is the minimum value since the beginning of the year. We recommend holding short positions with a stop above 1.2600 and target levels at 1.2200 and 1.2000. Our medium-term outlook remains negative.

Nearest resistance levels: 1.2500, 1.2560, 1.2600, 1.2700, 1.2825, 1.2925, 1.3000, 1.3160

Nearest support levels: 1.2400, 1.2360, 1.2200, 1.2000

The price of GBP/USD after the strong growth yesterday reached the lower boundary of the local rising channel and level of 1.5750, but failed to gain a foothold above these levels. In case of continued growth and price fixing above 1.5800, we recommend to open long positions with the targets 1,5960-1,6000 and stop below 1.5700. Despite the recent growth, we expect a decrease in quotations in the coming days and we do not see a signal for changing the medium-term negative trend.

Nearest resistance levels: 1.5750, 1.5800, 1.5960, 1.6000, 1.6200, 1.6300, 1.6400, 1.6450

Nearest support levels: 1.5600, 1.5500

The price of USD/JPY failed to gain a foothold above the resistance level at 118.70 and adjusted down. At the moment, quotes continue the progressive increase along the lower boundary of the rising channel, and will likely continue the current trend in the near future. We recommend holding long positions with a target about 120.00 and stop below 117.40. Our medium-term outlook remains negative.

Nearest resistance levels: 120.00, 122.00, 125.00

Nearest support levels: 117.40, 115.00, 114.00, 113.00, 112.00, 110.00, 108.50, 107.60

The price of AUD/USD after closing the gap tries to continue the upward movement and reach the level of 0.8550 and the upper limit of the local descending channel. Overcoming these levels in the near future is unlikely, and we expect renewal of falling of prices in the near future with the objectives of 0.8360 and 0.8200. Our medium-term outlook remains negative.

Nearest resistance levels: 0.8550, 0.8700, 0.8800, 0.8900, 0.9000, 0.9100, 0.9130

Nearest support levels: 0.8360, 0.8200

The price of NZD/USD could not overcome the upper limit of the local descending channel and after a minor correction once again tried to reach these levels. In case of breaking the top of the channel and fixing the price above 0.7910, we recommend to open long positions with short-term objectives of 0.8000 and 0.8085. We maintain our medium-term negative view on the New Zealand dollar and expect fall in prices in the near future.

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

Nearest support levels: 0.7825, 0.7780, 0.7660, 0.7500, 0.7300

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