22.04.2014 - Technical view

Futures on the broad U.S. stock index S&P 500 again reached the level of 1870 and the upper boundary of the local downstream channel. For further growth the price needs to gain a foothold above these levels. We recommend opening short positions with a small stop above the nearest local maximum 1874 and targets at 1840 and 1813. We expect the resumption of the downward movement of the futures and keep long-term negative outlook on the U.S. market.

Nearest support levels: 1858, 1840, 1813, 1800, 1780

Nearest resistance levels: 1880, 1900, 1950

The price of euro after a long consolidation broke through the border of the corridor 1,3810-1,3850. To continue the downward movement the price needs to fix below the level of 1.3790. In such case the objectives will be at 1.3750 and 1.3700. Growth is limited by a strong resistance level at 1.3900. We look forward to continuing the downward movement and keep a long-term negative outlook.

Nearest support levels: 1.3750, 1.3700, 1.3640, 1.3560

Nearest resistance levels: 1.3810, 1.3850, 1.3900, 1.3960

The price of GBP/USD continues to consolidate above the strong level of 1.6770. Growth is limited by the upper boundary of the rising channel and the nearest local maximum at 1.6840. Decrease is limited by the strong support level at 1.6770. For further decline the price will need to fix below this mark. In such case pound can reach the lower limit of the channel. We maintain our positive long-term outlook for the pair.

Nearest support levels: 1.6770, 1.6700, 1.6650, 1.6600

Nearest resistance levels: 1.6820, 1.6840, 1.6900, 1.7000

The price of USD/JPY continued to grow and reached the target level of 102.70. For continued growth the price needs to gain a foothold above this mark. We expect a slight correction with subsequent resumption of growth. Within the correction, the price may fall to 102.35. We keep medium and long term positive outlook for the USD/JPY.

Nearest support levels: 102.35, 101.25, 100.90, 100.40

Nearest resistance levels: 102.70, 104.00, 104.70, 105.40

The price of AUD/USD started to grow after a long consolidation. Further price increase is limited by the level of 0.9400. To determine future price movements we need additional signals. We expect the resumption of the downward price movement inside the rising channel in the medium term, with the closest targets near 0.9300.

Nearest support levels: 0.9300, 0.9250, 0.9215, 0.9130, 0.9100, 0.9000, 0.8925

Nearest resistance levels: 0.9400, 0.9460, 0.9500

The price of the New Zealand dollar fixed below 0.8590 and now is consolidating under this mark. For the resumption of growth, the price needs to break through this level and the upper limit of the local downstream channel. We expect further decline to the level of 0.8520, but expect the resumption of growth in the medium term.

Nearest support levels: 0.8520, 0.8450, 0.8390, 0.8250

Nearest resistance levels: 0.8630, 0.8650, 0.8700, 0.8800

The price of gold continued to decline and now is consolidating below 1290 dollars per troy ounce. Further fall is limited by the level of the nearest local minimum at 1278. In case of resumption of growth, a signal to buy will be breaking through the upper boundary of the local downstream channel and fixing of price above 1305. We expect the resumption of growth and keep medium and long term positive outlook for gold.

Nearest support levels: 1278, 1265

Nearest resistance levels: 1305, 1312, 1330, 1344, 1352

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