22.01.2014 - Technical view
The price of EUR/USD reached the top of the channel after the continued consolidation around the level of 1.1600. At the moment there is a high probability of continuing fall of price within the channel with the first target at 1.1500. In case of breaking the top of the channel and the level of 0.1620, we expect the price growth to 0.1750. Our medium-term outlook remains negative and we recommend holding short positions. At the same time, today we expect a strong increase in volatility.
Nearest resistance levels: 1.1620, 1.1750, 1.1800, 1.1860, 1.2000, 1.2165, 1.2250, 1.2360
Nearest support levels: 1.1500, 1.1200, 1.1000
The price of GBP/USD continued to decline along the sloping support line. The growth of price is limited by the level of resistance at 1.5200 in case of breaking through which is expected the continued growth with the objectives at 1.5260 and 1.5300. According to our estimates there is a high probability of continuing current dynamics with the objectives at 1.5050 and 1.5000. Our medium-term outlook remains negative and we recommend holding short positions.
Nearest resistance levels: 1.5200, 1.5260, 1.5500, 1.5750, 1.5800, 1.5960, 1.6000
Nearest support levels: 1.5050, 1.5000, 1.4700
The price of USD/JPY failed to gain a foothold below 117.40 and has started growing again. At the moment, quotes reached the inclined resistance line and in case of breaking through it will continue to rise to 119.00. Fixing the price below 117.40 will be the reason for the continuation of a fall with a target at 116.00. We maintain our positive outlook for the medium-term, but are subject to a decline in the near future.
Nearest resistance levels: 119.00, 120.00, 120.75, 122.00, 125.00
Nearest support levels: 117.40, 116.00, 115.00, 114.00, 113.00, 112.00, 110.00
The price of AUD/USD sharply decreased after a long consolidation near the level of 0.8200. At the moment, the quotes are approaching the lower boundary of the corridor 0,8040-0,8250. For breaking through the level 0.8040, will be needed significant momentum. Due to the sharp fall in the price there is a possibility of an upward rebound but our medium-term outlook remains negative and we recommend holding short positions.
Nearest resistance levels: 0.8250, 0.8360, 0.8550, 0.8700, 0.8800, 0.8900, 0.9000
Nearest support levels: 0.8200, 0.8040, 0.8000, 0.7600, 0.7500
The price of NZD/USD was able to break through the lower boundary of the corridor 0.7620 and accelerated the pace of decline. According to our estimates, the price will reach the psychologically important mark of 0.7500, and then can begin to correct upwards. Significant growth within the correction is unlikely. We maintain our medium-term negative outlook and recommend holding short positions on the New Zealand dollar.
Nearest resistance levels: 0.7620, 0.7700, 0.7800, 0.7850, 0.7900, 0.8000, 0.8050, 0.8270
Nearest support levels: 0.7500, 0.7300