08.10.2014 - ​Technical view

The price of EUR/USD compensated minor losses of yesterday and now is consolidating below the upper boundary of the descending channel and the level of 1.2700. In case of continued growth, a signal to close short positions will be fixing the price above 1.2825. We look forward to the resumption of the downward movement with the objectives 1.2500 and 1.2200. Our medium-term outlook remains negative and we recommend holding short positions.

Nearest resistance levels: 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 has broken through the upper limit of the downward channel and now is consolidating below 1.6100. In case of overcoming this level, the price will reach 1.6200. Decrease is limited by the levels of support 1,5950-1,6000. Signal of changing the negative trend will be fixing the price above 1.6250. We expect the resumption of price growth in the medium term, but in the near future will probably see further decline.

Nearest resistance levels: 1.6200, 1.6300, 1.6400, 1.6450, 1.6535, 1.6600

Nearest support levels: 1.6050, 1.6000, 1.5800, 1.5600

The price of USD/JPY started to correct downwards after the second unsuccessful attempt to overcome the level of 110.00. As a result of the decline, the price broke through the strong level of 108.50 and a local minimum of about 108.00. Currently quotes are trying to fix below 108.50 and in case of success will continue to fall to 107.00. We keep the medium-term outlook, but in the nearest future we can see the further price decline. To open positions, we will need a new signal.

Nearest resistance levels: 108.50, 110.00, 111.00, 115.00, 120.00

Nearest support levels: 107.00, 106.00, 105.40, 104.70, 104.00, 103.70

The price of AUD/USD continued its correctional growth and reached a strong resistance level of 0.8800. The price was not able to overcome this level and started to decline sharply. Falling the price is likely to continue to the level of 0.8665. We recommend holding short positions with a stop above 0.9000 and maintain a medium-term negative outlook for the Australian dollar.

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 could not continue the upward movement and resumed falling. Considering the current negative trend, the price is likely to reach a strong support level 0.7740. The growth of quotations is limited by resistance levels 0.7900 and 0.8085. Our medium-term outlook for the New Zealand dollar remains negative and we recommend holding short positions with the target near 0.7500.

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

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.