05.12.2014 - Technical view

The price of EUR/USD after some consolidation above 1.2300 and the lower limit of the downward channel has sharply increased and now is consolidating below 1.2400, above which the price was unable to gain a foothold earlier. In case of continued growth, the price can reach the top of the channel. Despite the upward impulse, we expect a further drop in prices in the medium term, and recommend holding short positions with a stop above 1.2500 and target levels 1.2200 and 1.2000.

Nearest resistance levels: 1.2500, 1.2560, 1.2600, 1.2700, 1.2825, 1.2925, 1.3000, 1.3160

Nearest support levels: 1.2360, 1.2200, 1.2000

The price of GBP/USD continues to consolidate within a triangle and is gradually reduced. We recommend opening short positions in case of fixing the price below 1.5600 and the long ones in case of fixing above 1.5750. Today is forecasted the rise in volatility. The medium-term trend remains negative, but the downside potential is reduced. We recommend to wait for the signals for opening positions.

Nearest resistance levels: 1.5750, 1.5800, 1.5960, 1.6000, 1.6200, 1.6300, 1.6400, 1.6450

Nearest support levels: 1.5600, 1.5500

The price of USD/JPY after reaching the target level of 120.00, is consolidating around this mark. The price correction in the near future is limited by the lower boundary of the rising channel and the level of 119.00. In the medium term quotations may continue its upward movement within the channel and reach 124.00. We recommend holding long positions with a stop below 107.40 and maintain the medium-term positive outlook.

Nearest resistance levels: 120.00, 122.00, 125.00

Nearest support levels: 118.00, 117.40, 115.00, 114.00, 113.00, 112.00, 110.00, 108.50

The price of AUD/USD steadily decreases along the descending channel. At the moment, quotations are trying to gain a foothold below 0.8400. The growth of quotations is limited by the upper limit of the descending channel and the level of 0.8500. To continue the current trend, it is necessary to break through and fix below the target level of 0.8360. We recommend holding short positions with a stop above 0.8600 and maintain a medium-term negative view on the Australian dollar.

Nearest resistance levels: 0.8550, 0.8700, 0.8800, 0.8900, 0.9000, 0.9100, 0.9130

Nearest support levels: 0.8360, 0.8200

The price of NZD/USD corrected upwards and tried to overcome the level of 0.7825 and to fix above 0.7780, but after an unsuccessful attempt, resumed its decline. In case of further growth quotations may reach the upper boundary of the descending channel. We recommend holding short positions with a stop above 0.8000 and keep negative medium-term outlook for the New Zealand currency.

Nearest resistance levels: 0.7780, 0.7825, 0.7900, 0.8000, 0.8050, 0.8270, 0.8350

Nearest support levels: 0.7660, 0.7500, 0.7300

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