25.08.2014 - Technical view
The price of EUR/USD fell sharply in early trading and now is near the target level of 1.3200 and the lower boundary of the local descending channel. In case of correction, the price will close the gap and will reach the level of 1.3240. Signal for a reversal of the downward trend will be rise above 1.3300. We expect further price decline and recommend holding short positions. The medium-term outlook remains negative with a target level 1.2800.
Nearest resistance levels: 1.3240, 1.3300, 1.3350, 1.3440, 1.3500, 1.3530, 1.3590
Nearest support levels: 1.3200, 1.3160, 1.3000, 1.2800
The price of GBP/USD reached the lower limit of the descending channel, but rebounded upwards and continues a gradual growth within the channel. Further upward movement is limited by the upper boundary of the channel. To continue the upward movement the price needs to consolidate above 1.6600. We expect the resumption of price growth in the medium term, but in the near future, the decline may continue.
Nearest resistance levels: 1.6600, 1.6670, 1.6700, 1.6770, 1.6810, 1.6890, 1.7000
Nearest support levels: 1.6550, 1.6500, 1.6460
The price of USD/JPY broke the strong resistance level of 104.00, after fixing above which will continue to grow with the closest targets near 104.70 and 105.40. In case of correction, the price may drop to a sloping support line, and to the level of the nearest local maximum of about 103.50. We maintain our positive outlook for the medium-term and recommend holding long positions.
Nearest resistance levels: 104.70, 105.40
Nearest support levels: 104.00, 103.50, 103.00, 102.70, 102.20, 101.70, 101.15, 100.90
The price of AUD/USD could not break through the strong resistance level 0.9330 and started to correct downwards. Now the price is trying to gain a foothold above the upper limit of the downward channel. We expect the continuation of the downward movement of the price of the Australian dollar and maintain a medium-term negative outlook with the objectives of 0.9200 and 0.8900.
Nearest resistance levels: 0.9340, 0.9440, 0.9500, 0.9600
Nearest support levels: 0.9220, 0.9200, 0.9100
The price of NZD/USD after the price correction to 0.8425, renewed the fall and reached the level of 0.8350, which coincides with the level of the nearest local minimum. To continue downward movement the price needs to fix below this mark. Changing of the downward trend is possible in case of overcoming the level of 0.8500. We expect the continuation of the downward price movement in the near future.
Nearest resistance levels: 0.8400, 0.8425, 0.8470, 0.8530, 0.8560, 0.8600, 0.8660, 0.8720
Nearest support levels: 0.8350, 0.8300, 0.8220