24.11.2015 - Technical view
Currencies trading and euro. The price of EUR/USD is moving inside the descending channel and after yesterday's decline to a seven-month low, is corrected upwards. In case of breaking through the upper boundary of the channel, quotations will rise to the resistance level at 1.0800, the overcoming of which will be a signal for the fixation of short positions. On the other hand, the more likely is a continuation of the negative dynamics of price with the first targets around 1.0500. Our medium-term outlook remains negative and we recommend holding short positions.
Nearest resistance levels: 1.0700, 1.0800, 1.0900, 1.1000, 1.1100, 1.1200, 1.1350, 1.1450
Nearest support levels: 1.0550, 1.0500, 1.0450, 1.0000, 0.9600
Currencies trading and British pound. The price of GBP/USD continued to decline after the strong downward momentum at the end of last week. In case of correction, the quotes can return to resistance levels at 1.5200 and 1.5250. According to our forecast, the price decline will continue in the near future to the target levels around 1.5000. Our medium-term outlook remains negative.
Nearest resistance levels: 1.5200, 1.5250, 1.5300, 1.5500, 1.5675, 1.5700, 1.5800, 1.5900
Nearest support levels: 1.5000, 1.4800, 1.4700
Currencies trading and Japanese yen. The price of USD/JPY has reached the bottom limit of the ascending channel and can break through it in the near future. In this case, the signal for fixing of long positions and opening short-term short positions will be price fixing below 122.50. For the continuation of growth, the price must overcome the strong resistance level at 123.50. Our medium-term outlook remains positive and we recommend holding long positions with the targets at 124.50 and 125.40.
Nearest resistance levels: 124.50, 125.00, 125.70, 128.00, 130.00
Nearest support levels: 122.50, 121.50, 120.50, 119.00, 118.50, 118.00, 117.00
Currencies trading and Australian dollar. The price of AUD/USD after the recent sharp decline, began to correct upwards and currently is located around the important level of 0.7200. Further growth is limited by the resistance level at 0.7250. In case of breaking of support at 0.7150, the price will continue to decline to 0.7080, 0.7000 and 0.6900. Our medium-term outlook remains negative.
Nearest resistance levels: 0.7200, 0.7300, 0.7400, 0.7500, 0.7600, 0.7700, 0.7800
Nearest support levels: 0.7150, 0.7080, 0.7000, 0.6900, 0.6750, 0.6600, 0.6500
Currencies trading and New Zealand dollar. The price of NZD/USD stabilized above 0.6500 after recent decline. In case of correction, the quotes can return to the important level of 0.6600 and reach the upper limit of the downward channel. In the near future downward price movement may continue to 0.6450. Our medium-term outlook with the targets 0.6250 and 0.6000 to remain without any changes and we recommend holding short positions.
Nearest resistance levels: 0.6600, 0.6700, 0.6800, 0.6900, 0.7000, 0.7200
Nearest support levels: 0.6500, 0.6450, 0.6400, 0.6320, 0.6250, 0.6200