04.03.2014 - Technical view

Futures on the broad U.S. stock index S&P 500 fell to the bottom of the local rising channel. At the same time the price has reached the level of 1840 but failed to break it and resumed the growth. We expect continued growth within the channel. In case of reduction, a signal to sell will be fixing of price below the level of 1840. We maintain a positive medium-term outlook for the U.S. market.

Nearest support levels: 1840, 1820, 1810, 1800

Nearest resistance levels: 1860, 1870

The price of euro failed to gain a foothold above 1.3810 and retreated down. We expect that the price will reach support at 1.37, then it can try again to fix above 1.3810. Increase in volatility is expected on Thursday following a statement of the ECB. We maintain a long-term negative outlook for EUR/USD.

Nearest support levels: 1.3770, 1.3700, 1.3630, 1.3560

Nearest resistance levels: 1.3810

The price of GBP/USD fell to strong resistance line placed at 1.6640 amid strengthening of the U.S. dollar. Currently there is a high probability of upward rebound to the levels of 1.67. In case of further decrease the price will move within the local downward channel and the first target in such case will be the level of 1.66. We maintain long-term and medium-term positive outlook for the British pound.

Nearest support levels: at 1.6640, 1.6600,

Nearest resistance levels: 1.6700, 1.6820

The price of USD/JPY has corrected within the local downward channel. Further growth is limited by the resistance level around 102.00. For further growth the price needs to fix above this level. Target levels in case of reduction 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: 101.50, 100.90, 100.00

Nearest resistance levels: 102.00, 102.70, 103.00

The price of AUD/USD continues to move within the local downward channel. Attempts of growth within the channel have been unsuccessful and the price could not to fix above 0.8950. We expect further decline of the Australian dollar within the local downward channel. Target prices in case of the decline will be at 0.8900 and 0.8830. The growth is limited by resistance at 0.90 and by an upper limit of the channel.

Nearest support levels: 0.8900, 0.8830

Nearest resistance levels: 0.9000, 0.9070, 0.9160

The price of NZD/USD has corrected after strong growth on the last week and reached the support at 0.8350 but failed to break through this level. We expect an upward rebound to the closest targets at 0.8390 and 0.8430. In case of reduction, a signal to sell will be price fixing below 0.8290. We maintain a positive medium-term outlook for the New Zealand dollar.

Nearest support levels: 0.8330, 0.8290, 0.8210

Nearest resistance levels: 0.8430

The price of gold has overcome resistance at 1350 but failed to gain a foothold above it. Decrease of price can stay in the area in $ 1330, or $ 1,320 per troy ounce. For the resumption of growth the price will need to gain a foothold above the level of 1344 dollars per troy ounce. We keep a medium and long term positive outlook with the first target in the area of 1360 per troy ounce.

Nearest support levels: 1330, 1310, 1290

Nearest resistance levels: 1344, 1360

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