03.03.2014 - Technical view
Futures on the broad U.S. stock index S&P 500 declined to support level 1840, which coincides with the lower boundary of the local rising channel. To continue the downward movement, the price should fix below 1840. At the moment there is a high probability of upward rebound. The target of in such case will be the level at 1870. We expect a price growth in the medium and short term.
Nearest support levels: 1840, 1820, 1810, 1800
Nearest resistance levels: 1870
The price of euro failed to gain a foothold above 1.3810 and retreated down. At the same time, the price fixed above 1.3770, which gives grounds to expect further growth in the short term. The signals to buy will be fixing of price above 1.3810. In case of reduction the price can reach the level of 1.37. We maintain a long-term negative outlook for EUR/USD.
Nearest support levels: 1.3700, 1.3630, 1.3560
Nearest resistance levels: 1.3810
The price of GBP/USD has broken through the upper limit of the local downstream channel and continued growth. Further growth is limited with the upper boundary of the rising channel and resistance at 1.6820. In case of correction, the price may fall to 1.6640. We maintain long-term and medium-term positive outlook for the British pound.
Nearest support levels: 1.6700, 1.6640, 1.6600,
Nearest resistance levels: 1.6820
The price of USD/JPY broke through the lower boundary of the "triangle" and the nearest minimum and fixed below 102.00, which was the signal to open short positions. We expect further price decline. Target levels in such case will be at 100.90, 100.00 and 99.00. Despite this, we maintain a long-term positive outlook for the USD/JPY.
Nearest support levels: 100.90, 100.00
Nearest resistance levels: 102.00, 102.70, 103.00
The price of AUD/USD has reached a strong bottom of the channel and the support level of 0.89, now the price is trying to fix below 0.8925. In case of continued growth, the price can reach the upper limit of the local rising channel. We maintain a long-term and medium-term negative outlook for the Australian dollar. Rise in volatility during this week will be associated with the release of a large number of macroeconomic statistics.
Nearest support levels: 0.8900, 0.8830
Nearest resistance levels: 0.9070, 0.9160
The price of NZD/USD after the strong growth declined to support level 0.8350. In case of consolidation above this level the price may continue to grow inside the rising channel. We maintain a positive medium-term outlook for the New Zealand dollar.
Nearest support levels: 0.8330, 0.8250, 0.8210
Nearest resistance levels: 0.8430
The price of gold has reached new resistance at 1344 dollars per troy ounce. Growth resumed after a rebound from the 1820 level. The signals to buy will be consolidation above 1344, with the goal of growth to 1360. We keep medium and long term positive outlook with the first goal in the area of 1360 per troy ounce.
Nearest support levels: 1330, 1310, 1290
Nearest resistance levels: 1344, 1360