06.01.2014 - Technical view

The price of EUR/USD corrected upwards after the second failed attempt to overcome the support level at 1.1900. In case of continued growth of the price within the channel, we expect reaching the level of 1.2000. Despite the possible increase in prices in the near future, we keep a medium-term negative outlook and recommend holding short positions with a stop above 1.2250 and objectives at 1.1800 and 1.1500.

Nearest resistance levels: 1.2000, 1.2165, 1.2250, 1.2360, 1.2500, 1.2560, 1.2600, 1.2700

Nearest support levels: 1.1860, 1.1800, 1.1500

The price of GBP/USD could not break through the support level at 1.5200 and the lower limit of the downward channel. In the near future we may see a corrective upward movement with the upside potential to 1.5400 and 1.5500. According to our estimates, after the correction, the price will continue to decline with the target at 1.5000. The medium-term outlook on the British pound remains negative and we recommend holding short positions with a stop above 1.5600.

Nearest resistance levels: 1.5300, 1.5500, 1.5750, 1.5800, 1.5960, 1.6000, 1.6200, 1.6300

Nearest support levels: 1.5200, 1.5000

The price of USD/JPY corrected down and reached the level of 119.00, and is trying to overcome it and to fix below this mark. In case of success we expect a further decline with targets at 107.40 and 115.00. Despite this there is a possibility of ascending price movement shortly after the rebound of the price from the resistance and maintain the medium-term positive outlook.

Nearest resistance levels: 120.75, 122.00, 125.00

Nearest support levels: 120.00, 117.40, 115.00, 114.00, 113.00, 112.00, 110.00

The price of AUD/USD shows growth after it failed to gain a foothold below the strong level of 0.8085. In case of continuation of the current dynamics, the price will reach resistance at 0.8200. We expect the resumption of downward dynamics in the near future and continue to recommend holding short positions with a stop above 0.8360. Our medium-term outlook for the Australian dollar remains negative.

Nearest resistance levels: 0.8200, 0.8360, 0.8550, 0.8700, 0.8800, 0.8900, 0.9000

Nearest support levels: 0.8000, 0.7600, 0.7500

The price of NZD/USD shows a strong upward momentum after rebounded from a minimum at 0.7620. Continued growth is possible to the levels of 0.7780 and 0.7825, which is unlikely to overcome. Our medium-term outlook for the New Zealand dollar remains negative with a target at 0.7500.

Nearest resistance levels: 0.7780, 0.7800, 0.7825, 0.7900, 0.8000, 0.8050, 0.8270

Nearest support levels: 0.7660, 0.7500, 0.7300

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