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05.11.2015 - Technical view

Currencies trading and euro. The price of EUR/USD continued to decline within the descending channel and could not overcome the level of support at 1.0900 and in the near future with a high probability will continue to fall to 1.0800 and 1.0700. Within the correction quotations may return to the levels of 1.0900 and 1.1000, but according to our forecasts the decline will continue in the near future. Our medium-term outlook also remains negative.

Nearest resistance levels: 1.0900, 1.1000, 1.1100, 1.1200, 1.1350, 1.1450, 1.1500, 1.1620

Nearest support levels: 1.0850, 1.0800, 1.0700, 1.0550

Currencies trading and British pound. The price of GBP/USD showed a decline yesterday, but could not reach the level of 1.5350 and currently is consolidating above this level. In case of continued negative dynamics the price will drop to 1.5250 and 1.5200. Growth is limited by psychologically important level of 1.5500, a breaking of which according to our estimates is unlikely. We maintain a medium-term negative outlook.

Nearest resistance levels: 1.5500, 1.5675, 1.5700, 1.5800, 1.5900

Nearest support levels: 1.5350, 1.5250, 1.5200, 1.5000, 1.4700

Currencies trading and Japanese yen. The price of USD/JPY reached the resistance level at 121.50 and fixing the price above this level will be a signal for opening long positions with the first targets at 123.00 and 124.50. It is worth noting the probability of downward price correction with the potential of decline to 120.50. Our medium-term outlook remains positive, but we are waiting for confirmation of a buy signal.

Nearest resistance levels: 121.50, 123.00, 124.50, 125.00, 125.70, 128.00, 130.00

Nearest support levels: 120.50, 119.00, 118.50, 118.00, 117.00

Currencies trading and Australian dollar. The price of AUD/USD after the second attempt of breaking the upper limit of the downward channel has resumed decline within which reached a local minimum at 0.7150. The breaking of this level will be the completion of the formation of reversal pattern "double top" and will lead to the continuation of falling the price to the levels 0.7080, 0.7000 and 0.6900. In this case, we recommend holding the stop above 0.7260. Our medium-term outlook remains negative.

Nearest resistance levels: 0.7200, 0.7300, 0.7400, 0.7500, 0.7600, 0.7700, 0.7800

Nearest support levels: 0.7000, 0.6900, 0.6750, 0.6600, 0.6500

Currencies trading and New Zealand dollar. The price of NZD/USD reached the nearest target at 0.6600 and broke through the lower limit of the downward channel. Currently quotes are consolidated around the level of 0.6600, and can correct to the level of 0.6700, but according to our estimates, more than likely is a continuation of negative dynamics to the levels of 0.6450 and 0.6250. Our medium-term outlook remains negative and we recommend holding short positions.

Nearest resistance levels: 0.6700, 0.6800, 0.6900, 0.7000, 0.7200

Nearest support levels: 0.6600, 0.6450, 0.6400, 0.6320, 0.6250, 0.6200

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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.
The CIF license of PFX Financial Professionals Ltd has been suspended by the Cyprus Securities and Exchange Commission until the 24th of December 2016. Please click here