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08.03.2016 - Technical view

Currencies trading and euro. The price of EUR/USD maintains an elevated level of volatility and before long can reach 1.1050, overcoming of which will be the basis for continuing upward price movement to 1.1200. On the other hand, there is the possibility of renewed negative dynamics in the near future, with the potential fall to 1.0800, and then the fall may continue to 1.0700 and 1.0550. Our medium-term outlook remains negative.

Nearest resistance levels: 1.1050, 1.1200, 1.1350, 1,1400, 1.1450, 1.1500

Nearest support levels: 1.0985, 1.0900, 1.0800, 1.0700, 1.0550

Currencies trading and British pound. The price of GBP/USD continues to gradually grow within the local rising channel. The closest target is the mark of 1.4365, and to overcome it will be needed a strong impetus. Today, a correction may be within the frames of the rising channel. Our medium-term outlook remains negative with the objectives at 1.3860, 1.3600 and 1.3500.

Nearest resistance levels: 1.4365, 1.4400, 1.4500, 1.4640, 1.4700, 1.4800

Nearest support levels: 1.4080, 1.4000, 1.3860, 1.3600, 1,3500

Currencies trading and Japanese yen. The price of USD/JPY after a long consolidation within the local rising channel and the corridor 113,00-114,70, could break through their lower limits and is currently consolidating around the level of 113.00. In case of continued negative dynamics, we may see a decrease to 111.00, but the more likely scenario is a resumption of growth with the first target at 114.70, fixing above which will be a signal to buy with targets at 117.00, 118.80 and 121.50 . Our medium-term outlook remains positive.

Nearest resistance levels: 114.70, 116.00, 118.80, 120.20, 121.50, 122.30

Nearest support levels: 113.00, 112,00, 111.00, 110.00

Currencies trading and Australian dollar. The price of AUD/USD corrected after a strong growth, but continues to move near the upper limit of the rising channel. The growth of quotations in the near future is limited by the psychologically important level of 0.7500. According to our forecasts, in the near future, the price will decrease within the correction with the first targets at 0.7365 and 0.7240. Our medium-term outlook remains negative

Nearest resistance levels: 0.7500, 0.7700

Nearest support levels: 0.7400, 0.7350, 0.7240, 0.7120, 0.7000, 0.6840, 0.6800, 0.6750

Currencies trading and New Zealand dollar. The price of NZD/USD is trying to gain a foothold above the level of 0.6750. And in case of success will continue to rise to 0.6900 and 0.7000. On the other hand, in case of continuation of the current negative dynamics and fixing below 0.6750 will be completed the formation of a double top, which indicates a trend reversal. Our medium-term outlook remains negative and we are waiting for the signal to sell.

Nearest resistance levels: 0.6800, 0.6900, 0.7000

Nearest support levels: 0.6600, 0,6560, 0.6450, 0.6400, 0.6320, 0.6250, 0.6200, 0.6000

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RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.
The CIF license of PFX Financial Professionals Ltd has been suspended by the Cyprus Securities and Exchange Commission until the 24th of December 2016. Please click here