18.11.2014 - Technical view
The price of EUR/USD has failed to gain a foothold above the level of 1.2550 and started to correct downwards. As a result, the quotes have reached the level of 1.2450 above which is now consolidated. Growth of the price is limited by the upper boundary of the local rising channel and the level of 1.2600. To continue the downward movement with the objectives near 1.2200 and 1.2000, the price needs to fix below 1.2400. We maintain a medium-term negative outlook and recommend holding short positions with a stop above 1.2750.
Nearest resistance levels: 1.2550, 1.2600, 1.2700, 1.2825, 1.2925, 1.3000, 1.3160
Nearest support levels: 1.2400, 1.2200, 1.2000
The price of GBP/USD showed an increase within the correction, but it was unable to continue it and returned to the minimum levels in 14 months. Currently quotes are consolidated above 1.5600 and with a high probability will continue to decline to the level of 1.5500. To change the negative trend the price needs compensate the recent decline and to gain a foothold above the mark of 1.6000. We predict a negative price trend of the British pound in the near future.
Nearest resistance levels: 1.5800, 1.5960, 1.6000, 1.6200, 1.6300, 1.6400, 1.6450
Nearest support levels: 1.5600, 1.5500
The price of USD/JPY bounced back from the bottom of a narrow rising channel and approached to the mark 117,00. In case of decrease quotations may reach the lower boundary of the channel and the support levels at 115.00 and 114.00, below which is set the stop. At the moment, we do not see a trend change signal. We expect a further increase in price in the medium term within the channel with the target near 120.00 and recommend holding long positions.
Nearest resistance levels: 120.00, 122.00, 125.00
Nearest support levels: 115.00, 114.00, 113.00, 112.00, 110.00, 108.50, 107.60, 107.00
The price of AUD/USD failed to reach the mark of 0.8800 and started to decline within the channel and reached its bottom border and mark 0.8700. In the near future we may see a price consolidation near current levels. Continued growth is limited by the resistance level at 0.8925, above which we recommend to set a stop. Fixing quotations above this level will be a signal of the completion of the negative trend. We expect the resumption of the downward movement and recommend holding short positions with the objectives near 0.8500 and 0.8200.
Nearest resistance levels: 0.8800, 0.8900, 0.9000, 0.9100, 0.9130, 0.9200
Nearest support levels: 0.8680, 0.8550, 0.8500, 0.8360, 0.8200
The price of NZD/USD after reaching the upper limit of the upward channel has corrected to the level of 0.7900, fixed above it and now has started growing again. Further increase in price is limited by the psychologically important level of 0.8000, the resolution of which will be a signal on the need to close short positions and will mean the completion of the downtrend. Despite this, we have a negative view on the growth of the New Zealand currency and maintain the medium-term objectives with a negative outlook near 0.7500 and 0.7300.
Nearest resistance levels: 0.8000, 0.8050, 0.8270, 0.8350
Nearest support levels: 0.7900, 0.7800, 0.7740, 0.7660, 0.7500, 0.7300