03.02.2015 - Technical view

The price of EUR/USD has broken the upper limit of the downward channel and continues to consolidate within a narrow corridor 1,1300-1,1400. In order to grow, the price must be fixed above 1.1400. In this case, quotes can grow up to 1.1500 and 1.1620. Given the long-term price consolidation, we expect a strong price movement in the nearest future. According to our forecasts the price will soon begin to decline with the first targets at 1.1100 and 1.1000. Our medium-term outlook remains negative.

Nearest resistance levels: 1.1400, 1.1500, 1.1620, 1.1750, 1.1800, 1.1860, 1.2000

Nearest support levels: 1.1100, 1.1000, 1.0800, 1.0500

The price of GBP/USD continues moving inside the descending channel and currently is consolidating above the psychologically important mark of 1.5000. In case of breaking through the upper limit of the local descending channel quotations may grow up to 1.5200. Fixing the price below 1.5000 will be a signal to sell. Our medium-term outlook remains negative.

Nearest resistance levels: 1.5200, 1.5260, 1.5500, 1.5750, 1.5800

Nearest support levels: 1.5000, 1.4700, 1.4500

The price of USD/JPY broke through the strong support level at 117.40 and is currently trying to overcome the level of 117.00. In case of success quotations may fall to the level of 116.00. The growth of price in the nearest future is limited by the level of resistance at 119.00, a breaking of which will be the reason for the continuation of the upward movement with the target at 120.00 and 120.75. Our medium-term outlook remains negative, but we assume a further fall in the nearest future.

Nearest resistance levels: 117.40, 119.00, 120.00, 120.75, 122.00, 125.00

Nearest support levels: 117.00, 116.00, 115.00, 114.00, 113.00, 112.00, 110.00

The price of AUD/USD after some consolidation near the level of 0.7800 reached the upper limit of the downward channel and started to decline sharply within the channel. In case of further fall, the price will reach 0.7600. The growth of quotations is limited by the resistance at 0.7800. We maintain our medium-term negative outlook and recommend holding short positions with a stop above 0.8000.

Nearest resistance levels: 0.7800, 0.7860, 0.8000, 0.8040, 0.8200, 0.8250, 0.8360

Nearest support levels: 0.7600, 0.7500

The price of NZD/USD after correction inside the descending channel reached the level of resistance at 0.7300 and the upper boundary of the channel, and then started to decline sharply. At the moment, quotes reached the level of 0.7200, and according to our estimates will continue to decline within the channel. The growth of price is limited by the level of resistance at 0.7400. We recommend holding short positions with the target at 0.7000 and maintain a medium-term negative outlook.

Nearest resistance levels: 0.7300, 0.7400, 0.7500, 0.7620, 0.7700, 0.7800, 0.7850

Nearest support levels: 0.7200, 0.7000

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.