06.10.2014 - Technical view
The price of EUR/USD after reaching 1.2700 started to correct. The fall has accelerated and the price has broken through the strong level of 1.2600 and reached the target level of 1.2500. It should be noted that now the quotes are consolidating near the lower boundary of the descending channel and in the case of correction can grow to its upper limit. Taking into account reaching the target level and support at 1.2500, we expect a slowdown of price reduction in the near future and assume the possibility of upward correction to 1.2700. Our outlook remains negative and we recommend holding short positions with a target near 1.2200.
Nearest resistance levels: 1.2600, 1.2700, 1.2825, 1.3000, 1.3100, 1.3160, 1.3200, 1.3240
Nearest support levels: 1.2500, 1.2450, 1.2200
The price of GBP/USD after breaking through the level of 1.6100, started to decline sharply and has broken through the lower limit of the downward channel and the psychologically important level of 1.6000. In case of further decline, the price will reach 1.5800. At the moment the price is consolidating below 1.6050 and may correct upwards to the level of 1.6050. We look forward to continuing the downward movement in the medium term.
Nearest resistance levels: 1.6000, 1.6050, 1.6200, 1.6300, 1.6400, 1.6450, 1.6535, 1.6600
Nearest support levels: 1.5800, 1.5600
The price of USD/JPY restored the previously lost positions and approached to the strong resistance level of 110.00, which coincides with the local maximum. Signal for the re-opening of long positions with the target near 115,00 will be the price fixing above 110.00. At the moment there is a high probability of a downward correction, but despite this, our medium-term outlook remains negative.
Nearest resistance levels: 110.00, 111.00, 115.00, 120.00
Nearest support levels: 108.50, 107.00, 106.00, 105.40, 104.70, 104.00, 103.70
The price of AUD/USD after consolidation below the level of 0.8800 started to decline and reached a sloping support line and a local minimum near 0.8665. Now there is a high probability of the price rebound from this level. In such case quotations may again rise to 0.8800. The signal for the continuation of the downward movement will be the price fixing below 0.8665. We maintain a medium-term negative outlook and recommend holding short positions with a target near 0.8500.
Nearest resistance levels: 0.8800, 0.8900, 0.9000, 0.9100, 0.9130, 0.9200
Nearest support levels: 0.8665, 0.8600, 0.8550, 0.8500
The price of NZD/USD after correction to the resistance level of 0.7900 and SMA50 started to decline and reached a local minimum near 0.7740. Taking into account strong level of support we can see a minor correction of the price in the near future, but the medium-term trend remains negative. We recommend holding short positions and maintain a medium-term negative outlook for the New Zealand dollar.
Nearest resistance levels: 0.7820, 0.7900, 0.8000, 0.8050, 0.8270, 0.8350, 0.8400
Nearest support levels: 0.7740, 0.7700, 0.7500