05.06.2014 - Technical view

The price of EUR/USD continued to decline within the local descending channel and now is consolidating near 1.3600. To continue the downward movement with the target at 1.3540, the price needs to fix below 1.3590. Growth is limited by the resistance levels at 1.3650 and 1.3700. We recommend holding short positions on the euro and save the medium and long term negative outlook for the euro.

Nearest resistance levels: 1.3650, 1.3700, 1.3750, 1.3790, 1.3850, 1.3900

Nearest support levels: 1.3590, 1.3540

The price of GBP/USD continues to consolidate around 1.6750 within the side corridor 1,6700-1,6770. Fall is limited by the support at 1.6700. To continue the upward movement the price needs to gain a foothold above 1.6770. In this case, the quotes can reach levels of 1.6840 and 1.6900. We expect the resumption of the upward price movement in the near future and keep medium and long-term positive outlook for the pound.

Nearest resistance levels: 1.6770, 1.6840, 1.6900, 1.7000

Nearest support levels: 1.6700, 1.6560

The price of USD/JPY continues to move near the strong level of 102.70. To continue the ascending movement, the price needs to gain a foothold above this level. In case of further growth, the price can reach 104.00. We maintain our medium-and long-term positive outlook for the pair and recommend holding long positions.

Nearest resistance levels: 102.70, 103.00, 104.00, 104.70

Nearest support levels: 102.40, 102.00, 101.40, 100.90

The price of AUD/USD continued the upward movement and reached the strong level of 0.9280. Further growth is limited by the resistance level at 0.9300. In case of reduction, a signal to sell will be price fixing below 0.9220. We maintain a medium-term negative outlook for the Australian dollar.

Nearest resistance levels: 0.9280, 0.9300, 0.9460

Nearest support levels: 0.9220, 0.9200, 0.9100

The price of NZD/USD has corrected within the descending channel and reached the level of resistance at 0.8440. Growth is limited by the upper boundary of the channel and the resistance level of 0.8460. With a further fall, the price will reach the support at 0.8400. We expect continued downward movement in the medium term.

Nearest resistance levels: 0.8520, 0.8600, 0.8690, 0.8700, 0.8740, 0.8780

Nearest support levels: 0.8420, 0.8400

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