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08.09.2015 - Technical view

Currencies trading and euro. The price of EUR/USD broke through the upper limit of the downward channel, and the local level of 1.1200. In case of consolidation above this mark, we are forecasting an increase of quotations to 1.1300 and 1.1400. On the other hand, when the resumption of the negative dynamics of quotations reached target levels at 1.1080 and 1.1000. We maintain a medium-term negative outlook, but do not exclude short-term growth in the near future.

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

Nearest support levels: 1.1200, 1.1080, 1.1000, 1.0850, 1.0800, 1.0700, 1.0550

Currencies trading and British pound. The price of GBP/USD could not be fixed below the level of 1.5200 and rebounded from the bottom of the local descending channel. As a result, the quotes broke through the local upper limit of the downward channel and reached the important level of 1.5350. Overcoming this mark will be the cause for further growth to 1.5460 and 1.5550. We forecast a drop in the medium term, but growth may continue in the near future, but it will be short-lived.

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

Nearest support levels: 1.5200, 1.5000, 1.4700

Currencies trading and Japanese yen. The price of USD/JPY continued to move within the local descending trend and in the near future may be reduced to 118,00. In case of resumption of positive dynamics, a signal for opening long positions will be fixing of price above the level of 121.50. In this case, growth will continue to 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 corrected upwards to the sloping line of resistance, and can continue the correction to the level of 0.7000. More likely is the resumption of the downward price movement with its closest objectives at 0.6750 and 0.6600. Our medium-term outlook is negative, and growth is possible only within the correction. On the other hand, downside potential declined. We maintain a negative medium-term outlook for the Australian dollar.

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 rebounded from 0.6250, and may continue to increase in the correction to the upper boundary of the descending channel and the level of 0.6320 and 0.6400. The signal for fixing short positions will be overcoming the important level of 0.6400. According to our estimates, the price decline will continue after completion of the correction, and we maintain a medium-term negative outlook with the target at 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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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