07.09.2015 - ​Technical view

Currencies trading and euro. The price of EUR/USD after an unsuccessful attempt of breaking through the level of 1.1100, started a minor correction and reached the upper limit of the local downward channel. In case of its breaking, quotes will rise to 1.1300 and 1.1400. At the same time there is a big probability of resumption of the downward price movement with the potential fall to the target levels at 1.1000 and 1.0900. We maintain a medium-term negative outlook for the euro.

Nearest resistance levels: 1.1200, 1.1300, 1.1400, 1.1450, 1.1500, 1.1620, 1.1700

Nearest support levels: 1.1080, 1.1000, 1.0850, 1.0800, 1.0700, 1.0550

Currencies trading and British pound. The price of GBP/USD broke through the support level at 1.5200 and continued to fall. Currently quotes are trying to gain a foothold below this level and in the case of success with a high probability will reach the level of 1.5000. Corrective growth of quotations in the near future is limited by the upper boundary of the descending channel and the level of 1.5350. Our medium-term outlook remains negative, but the potential of decline has reduced.

Nearest resistance levels: 1.5200, 1.5350, 1.5460, 1.5550, 1.5675, 1.5700, 1.5800, 1.5900

Nearest support levels: 1.5000, 1.4700

Currencies trading and Japanese yen. The price of USD/JPY shows moderate growth after the rebound from the level of 119.00, and can continue the positive dynamics to the level of 120.00 and the upper limit of the downward channel. In the near future we can see the continuation of a downward price movement to the level of 118.00. In case of continued growth and overcoming the level of 121.50, we recommend to open long positions with the targets at 123.00 and 124.50. Our medium-term outlook remains positive.

Nearest resistance levels: 120.50, 121.50, 123.00, 124.50, 125.00, 125.70, 128.00, 130.00

Nearest support levels: 119.00, 118.50, 118.00, 117.00

Currencies trading and Australian dollar. The price of AUD/USD after fixing below 0.7000 accelerated the decline and now is consolidating above the level of 0.6900. Rising of price is limited by the sloping resistance line and the psychologically important mark of 0.7000. According to our estimates, the price decline will continue in the near future and medium term, we maintain our negative outlook for the Australian currency.

Nearest resistance levels: 0.7000, 0.7200, 0.7260, 0.7400, 0.7500, 0.7600, 0.7700, 0.7800

Nearest support levels: 0.6750, 0.6600, 0.6500

Currencies trading and New Zealand dollar. The price of NZD/USD has shown a sharp decline after the correction to the upper boundary of the descending channel and the level of 0.6400. As a result, the quotes have broken through the support level at 0.6320 and continued to decline. Our medium-term outlook is pessimistic and we recommend holding short positions on the New Zealand dollar with the targets at 0.6200 and 0.6000.

Nearest resistance levels: 0.6320, 0.6400, 0.6500, 0.6600, 0.6700, 0.6800, 0.6850, 0.7000

Nearest support levels: 0.6200, 0.6000

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