02.04.2014 - Technical view
Futures on the broad U.S. stock index S&P 500 has continued to grow and has overcome historical maximum. For the continued growth the price needs to gain a foothold above the level 1880. We expect the price to continue to rise inside the upward channel and to overcome the level of 1900 in the medium term. Despite this, we maintain a long-term negative outlook on the futures.
Nearest support levels: 1880, 1858, 1840, 1830, 1820
Nearest resistance levels: 1900, 1950, 2000
The price of euro continued the growth within the local downstream channel and now is consolidating around 1.3800. In case of further growth, a signal to buy will be breaking through the upper boundary of the channel and fixing above 1.3850. In case of fall, a signal to sell will be price fixing below 1.37. At the same time the target levels will be at 1.3640 and 1.3560. We maintain a long-term negative outlook for the euro.
Nearest support levels: 1.3700, 1.3640, 1.3650
Nearest resistance levels: 1.3850, 1.3900, 1.3960
The price of GBP/USD was unable to gain a foothold above 1.6650 and the correction will probably continue to 1.6600, after which the growth can resume. The price movement till the end of the week will be quite volatile due to the release of a number of important macroeconomic data. We expect further growth and keep a long-term positive outlook.
Nearest support levels: 1.6600, 1.6500, 1.6400, 1.6300
Nearest resistance levels: 1.6650, 1.6770, 1.6820
The price of USD/JPY has reached the upper limit of the upward channel and approached the level of 104.00. In this area, we expect a growth slowdown. At the same time the probability of correction is big enough. In case of continued growth the price is likely to reach 104.70. We keep medium and long term positive outlook for the USD/JPY.
Nearest support levels: 103.50, 102.70, 101.90, 101.25, 100.90, 100.40
Nearest resistance levels: 104.00, 104.70, 105.40
The price of AUD/USD continued its correction and approached the support level 0.9215. In case of further decline, the sell signal will be price fixing below 0.9215. In such case will be completed the formation of a "double top", which indicates a trend change. Thus the price may drop to the bottom of the rising channel and the level of 0.9130. We expect further correction of the Australian dollar.
Nearest support levels: 0.9215, 0.9130, 0.9100, 0.9000, 0.8925
Nearest resistance levels: 0.9300
The price of the New Zealand dollar has broken through the support levels at 0.8650 and 0.8630 and completed the formation of a "double top". We expect a price reduction to continue to a strong level of 0.8520, after which the growth can resume. Despite this, we maintain a positive outlook for the medium-term.
Nearest support levels: 0.8520, 0.8450, 0.8390, 0.8250
Nearest resistance levels: 0.8650, 0.8700
Decline in gold prices is slowing down. Purchases of gold may resume in the area of consolidation 1265-1275. After a strong decline, we still anticipate the upward correction to the levels 1300-1315. We maintain a long-term positive outlook for gold.
Nearest support levels: 1275, 1265
Nearest resistance levels: 1300, 1315, 1320, 1330, 1344, 1352