09.03.2016 - Technical view
Currencies trading and euro. The price of EUR/USD after several attempts to overcome the resistance level at 1.1050, has started to decrease and has broken the important level of 1.0985. Fixation below it will be the basis for the continuation of the negative dynamics of price with immediate objectives at 1.0800 and 1.0700. We recommend to open short positions with a stop above the level of 1.1050. Our medium-term outlook remains negative.
Nearest resistance levels: 1.0985, 1.1050, 1.1200, 1.1350, 1,1400, 1.1450, 1.1500
Nearest support levels: 1.0900, 1.0800, 1.0700, 1.0550
Currencies trading and British pound. The price of GBP/USD started to correct after failed to overcome the upper limit of the channel and at the moment has dropped to a local rising channel's lower border. In the near future, quotations may continue to fall to 1.4080 and 1.4000. The growth in the short term is limited by the upper boundary of the descending channel and resistance level at 1.4365. Our forecast for next week remains negative.
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 continues to gradually decline after breaking through the local ascending channel's lower border. Recently quotations broke through the support at 113.00 and may soon return to the local minimum at 111.00. In case of fixation above 114.70, we recommend to open long positions with a stop above 112.00 and target levels at 117.00, 118.80 and 121.50. Our medium-term outlook remains positive.
Nearest resistance levels: 113.00, 114.70, 116.00, 118.80, 120.20, 121.50, 122.30
Nearest support levels: 112,00, 111.00, 110.00
Currencies trading and Australian dollar. The price of AUD/USD keeps consolidating above the level of 0.7400 and in case of its breaking, will continue to fall to the level of 0.7240 and the lower boundary of the rising channel. Growth in the next few days is limited by the level of 0.7500. We maintain our medium-term negative outlook and the risk of falling in the near future is high.
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 after several attempts to continue its growth after reaching the level of 0.6800, began to decline and has broken the support at 0.6750, which has led to the completion of the formation of a double top reversal pattern. In this regard, we expect a continuation of negative dynamics with potential targets at 0.6600, 0.6450 and 0.6250. In this case, the stop must be installed above the level of 0.6820. Our medium-term outlook remains negative.
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