12.11.2014 - ​Technical view

The price of EUR/USD has broken through the upper boundary of the descending channel and has tried to overcome the level of 1.2500, but after a failed attempt it rolled down and is trying to fix above 1.2470. We anticipate further consolidation of price below 1.2500 and the possible formation of local triangle. Rising the price is limited by the levels 1.2600 and 1.2750, above which we recommend to set a stop. We recommend holding short positions on the euro with the objectives of 1.2200 and 1.2000 and maintain a medium-term negative outlook.

Nearest resistance levels: 1.2500, 1.2600, 1.2700, 1.2825, 1.2925, 1.3000, 1.3160

Nearest support levels: 1.2200, 1.2000

Euro and Dollar in 2014

The price of GBP/USD has broken through the angled line of resistance and currently is trying to gain a foothold above the level of 1.5900. Further price growth is limited by the level of 1.5960. In the near future we may see continued upward dynamics to the level of 1.6050 and the upper boundary of the channel. Signal of change of the trend will be fixing the price above the level of 1.6200. We forecast the growth of the price today and save midterm positive outlook for the British pound.

Nearest resistance levels: 1.5960, 1.6000, 1.6200, 1.6300, 1.6400, 1.6450

Nearest support levels: 1.5800, 1.5600, 1.5500

The price of USD/JPY reached a level of 116.00 and after consolidation below this mark started to decline. In case of further correction, the price will reach the level of 114.00. According to our estimates, the growth within the uptrend will continue to the level of 120.00. At the moment, we see no reason for changing current positive dynamics. We keep a medium-term positive outlook and recommend holding long positions with a stop below 113.00.

Nearest resistance levels: 120.00, 122.00, 125.00

Nearest support levels: 114.00, 113.00, 112.00, 110.00, 108.50, 107.60, 107.00

The price of AUD/USD after breaking through the upper limit of the downward channel, fixed above it and currently is trying to gain a foothold above the nearest local maximum, that will be a signal for opening a short-term long positions with a target near 0.8800. Despite the potential growth of quotations in the near future we keep medium-term negative forecast on the Australian dollar.

Nearest resistance levels: 0.8800, 0.8900, 0.9000, 0.9100, 0.9130, 0.9200

Nearest support levels: 0.8665, 0.8550, 0.8500, 0.8360

The price of NZD/USD after the second attempt managed to break through the resistance at 0.7800 and continues to grow. The next upside target level in case of growth will be 0,7900. In case of breaking through the psychologically important mark of 0.8000, we recommend to fix short positions. Despite the possibility of raising quotations in the near future our medium-term outlook on the New Zealand dollar remains negative and we recommend holding short positions.

Nearest resistance levels: 0.7950, 0.8000, 0.8050, 0.8270, 0.8350

Nearest support levels: 0.7800, 0.7740, 0.7660, 0.7500, 0.7300

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