24.07.2015 - Technical view
Currencies trading and euro. The price of EUR/USD has continued growth in the descending channel and reached the psychologically important level of 1.1000 at which has met a strong resistance from the sellers. In case of overcoming this level, the price will probably reach the upper boundary of the channel and the level of 1.1080. In the near future we with a high probability expect the resumption of the downward price movement with the first targets at 1.0900, 1.0700 and 1.0550. Our medium-term outlook remains negative and we recommend to open short positions.
Nearest resistance levels: 1.1000, 1.1080, 1.1150, 1.1250, 1.1400, 1.1450, 1.1500
Nearest support levels: 1.0900, 1.0800, 1.0700, 1.0550
Currencies trading and British pound. The price of GBP/USD could not overcome the strong resistance level at 1.5650 and started to decline sharply. As a result of the fall, quotations broke through the level of 1.5550, which was the basis for opening short positions with a potential drop to 1.5460 and 1.5350. According to our forecast, the price decline will continue in the near future. Growth is possible to 1.5550. Our medium-term negative outlook remains negative.
Nearest resistance levels: 1.5550, 1.5650, 1.5700, 1.5800, 1.5900, 1.6000
Nearest support levels: 1.5460, 1.5350, 1.5200, 1.5000, 1.4700
Currencies trading and Japanese yen. The price of USD/JPY continues to rise gradually along the lower boundary of the rising local channel after completed correction. The signal for opening long positions will be fixing the price above the level of 124.25. In this case, quotes may continue to rise to 125.00 and 125.70. On the other hand, breaking through the channel's lower boundary and overcoming the local minimum at 123.50 will be a signal for the further decrease of the price to 122.50 and 122.00. According to our forecasts, the growth of price will continue in the medium term and in the near future.
Nearest resistance levels: 124.25, 125.00, 125.70, 128.00, 130.00
Nearest support levels: 122.50, 122.00, 121.50, 120.20, 119.00, 118.50, 117.40
Currencies trading and Australian dollar. The price of AUD/USD after a prolonged consolidation above the level of 0.7350, broke through the support level and has continued to decline in the descending channel. According to our estimates, quotes will continue to fall in the near future and in the medium term to the target levels at 0.7200 and 0.7000. We recommend keeping short positions with a stop above 0.7500.
Nearest resistance levels: 0.7350, 0.7500, 0.7600, 0.7700, 0.7800, 0.7840, 0.7900, 0.8000
Nearest support levels: 0.7200, 0.7000
Currencies trading and New Zealand dollar. The price of NZD/USD completed an upward movement after reaching the upper limit of the downward channel and resumed falling. The next upside target level according to our forecasts will be 0.6500, after overcoming of which we expect the reduction of the price to 0.6360 and 0.6200. Our medium-term outlook remains negative and we recommend holding short positions.
Nearest resistance levels: 0.6600, 0.6700, 0.6800, 0.6850, 0.7000, 0.7080, 0.7200, 0.7260
Nearest support levels: 0.6500, 0.6360, 0.6200, 0.6000