08.08.2014 - Technical view

The price of EUR/USD after yesterday's slight upward correction resumed the downward movement and now is consolidating around the level of a local minimum of1.3350. Change the current negative dynamics is possible in case of fixing the price above 1.3440. We recommend holding short positions and maintain a medium-term negative outlook with the objectives of 1.3200 and 1.2800.

Nearest resistance levels: 1.3440, 1.3500, 1.3530, 1.3590, 1.3665, 1.3700

Nearest support levels: 1.3300, 1.3200, 1.3160, 1.3000, 1.2800

The price of GBP/USD continued the downward movement along the inclined line of resistance and now is consolidating near the strong level of 1.6810. To continue the downward movement, the price needs to fix below this mark. In case of breaking through the inclined resistance line, a buy signal will be fixing the price above 1.6890. We expect the resumption of growth and maintain a positive outlook for the medium-term, but assume the continuation of the downward movement of prices in the near future.

Nearest resistance levels: 1.6900, 1.7000, 1.7050, 1.7100, 1.7180, 1.7200, 1.7300

Nearest support levels: 1.6770, 1.6700

The price of USD/JPY accelerated the decline after breaking the inclined support line and reached the nearest support level at 101.70. Further fall is limited by the level of 102.20. In the near future, the downward movement may continue, but in the medium term, we expect the resumption of growth with the objectives of 102.70, 104.00 and 104.70.

Nearest resistance levels: 102.20, 102.70, 103.00, 104.00, 104.70

Nearest support levels: 101.70, 101.15, 100.90, 100.00

The price of AUD/USD after fixing the price below 0.9280, continued to decline within the descending channel. Growth is limited by the resistance levels at 0.9280 and 0.9330. We recommend holding short positions on the Australian dollar with the closest targets at 0.9220 and 0.9100. Our medium-term outlook also remains negative.

Nearest resistance levels: 0.9280, 0.9330, 0.9440, 0.9500, 0.9600

Nearest support levels: 0.9220, 0.9200, 0.9100

The price of NZD/USD after reaching the upper limit of the downward channel has started to decline, and within the fall may reach the mark of 0.8400. Change of the trend is possible after breaking the upper limit of the downward channel and overcoming the resistance levels at 0.8530 and 0.8560. To determine the medium-term price movement, we will need new signals.

Nearest resistance levels: 0.8560, 0.8600, 0.8660, 0.8720, 0.8780, 0.8800

Nearest support levels: 0.8400, 0.8300

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.