05.03.2014 - Technical view
Futures on the broad U.S. stock index S&P 500 renewed historic highs and approached to the upper limit of the local upward channel. For continued growth the price needs to gain a foothold above the nearest maximum at 1868. In case of correction, the price can reach the bottom of the channel and the level of 1850. We maintain a positive medium-term outlook for the U.S. market.
Nearest support levels: 1858, 1850.1840, 1820
Nearest resistance levels: 1880
The price of euro continues to consolidate near the level of 1.3740. Prior to the statement of ECB President, the volatility is low. Growth is limited by the resistance at 1.3770. A signal to sell will be fixing of price below 1.37. The target levels in such case will be 1.3650, 1.3630 and 1.3560. We maintain a long-term negative outlook for EUR/USD.
Nearest support levels: 1.3700, 1.3630, 1.3560
Nearest resistance levels: 1.3770, 1.3810
The price of GBP/USD after the rebound to 1.67, has fallen back and now is consolidating above a strong support level 1.6640. Increase in volatility is expected tomorrow after the statement of the Bank of England. On the upside, the price can rise to 1.6820. In case of reduction the price may fall to 1.66 and then to the bottom of the rising channel. We maintain long-term and medium-term positive outlook for the British pound.
Nearest support levels: 1.6600, 1.6640, 1.6600,
Nearest resistance levels: 1.6700, 1.6820
The price of USD/JPY has broken through the upper limit of the local descending channel and has overcome the resistance level 102.00. For the continuation of the upward movement the price should gain a foothold above 102.00. Further growth is limited by the resistance at 102.70, after which there is a high possibility of the price rollback. We maintain a long-term positive outlook for the USD/JPY.
Nearest support levels: 102.00, 101.50, 100.90, 100.00
Nearest resistance levels: 102.70, 103.00
The price of AUD/USD continues to move within the local descending channel. The price has overcome 0.8950, but could not reach the psychological mark of 0.90. We expect a further decline in the Australian dollar in the context of the local descending channel. Objectives in case of the price fall will be at 0.8900 and 0.8830. Growth is limited by resistance at 0.90 and 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 continued its gradual growth within the local rising channel and reached a strong level of 0.8390. For continued growth, the price should gain a foothold above 0.8390. Correcting is possible to 0.8350. We maintain a long-term negative outlook for the NZD/USD.
Nearest support levels: 0.8350, 0.8290, 0.8210
Nearest resistance levels: 0.8430
The price of gold has reached a strong support level of $ 1,330 per troy ounce and now is consolidating above it. After consolidation, we expect continued growth. We keep a 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