22.10.2014 - Technical view

The price of EUR/USD corrected sharply yesterday to the bottom of the rising channel, after it once again failed to overcome the level of 1.2825. For the continuation of reduction, the price must be fixed below the level of 1.2700 and the bottom of the channel. In such case the price may fall to the levels of 1.2600 and 1.2500. Growth is limited by the resistance 1.2825 and 1.3000, and the upper limit of the upward channel. We maintain a medium-term negative outlook, but today we forecast the price growth within the channel.

Nearest resistance levels: 1.2825, 1.2925, 1.3000, 1.3100, 1.3160, 1.3200, 1.3240

Nearest support levels: 1.2700, 1.2600, 1.2500, 1.2450, 1.2200

The price of GBP/USD could not reach the level of 1.6200 and started to adjust downwards. In case of continued upward movement of price and its fixing above the level of 1.6200, we recommend to open long positions with the targets around 1.6450 and 1.6630. Downside potential is limited by the levels of 1.6100 and 1.5960. We maintain our positive medium-term outlook for the British pound, but recommend to wait for confirmation of the signal to open long positions.

Nearest resistance levels: 1.6200, 1.6300, 1.6400, 1.6450

Nearest support levels: 1.6100, 1.6000, 1.5880, 1.5800, 1.5600

The price of USD/JPY stabilized near the level of 107.00 and cannot choose the further direction of motion. For the resumption of upward movement, quotes need to consolidate above 107.00. In this case, the price may rise to 110.00. Fall is limited by the strong support level 105.40. We maintain our positive outlook for the medium-term and recommend to wait for fixing the price above the level of 107.00 to open long positions.

Nearest resistance levels: 107.00, 108.50, 110.00, 111.00, 115.00, 120.00

Nearest support levels: 106.00, 105.40, 104.70, 104.00, 103.70

The price of AUD/USD after an attempt to fix above the level of 0.8800 returned inside the corridor 0,8660-0,8800 and is consolidating below its upper limit. Given the long-term price consolidation, we expect strong price movement of quotations in the near future. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 0.8925.

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

Nearest support levels: 0.8660, 0.8600, 0.8550, 0.8500

The price of NZD/USD continues to consolidate near the level of 0.8000, but cannot gain a foothold above this mark. Despite the current upward trend, further growth is unlikely and limited by the resistance at 0.8085. We expect continued price consolidation within the channel in the near future and maintain a medium-term negative outlook.

Nearest resistance levels: 0.8000, 0.8050, 0.8270, 0.8350

Nearest support levels: 0.7900, 0.7800, 0.7740, 0.7700, 0.7500

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