31.08.2015 - Technical view

Currencies trading and euro. The price of EUR/USD began to rise early in the week and adjusted to the upper boundary of the local descending channel. In case of consolidation of quotes below the level 1.1200, and falling within the local downward trend will continue until the next targets at 1.1080 and 1.1000. On the other hand, a breaking through the upper boundary of the descending channel and fixing above the local maximum at 1.1300, will be a reason for the continued growth of the price to 1.1400. Our medium-term outlook remains negative, but in the near future we do not exclude the growth.

Nearest resistance levels: 1.1300, 1.1400, 1.1450, 1.1500, 1.1620, 1.1700

Nearest support levels: 1.1200, 1.1080, 1.1000, 1.0850, 1.0800, 1.0700, 1.0550

Currencies trading and British pound. The price of GBP/USD rebounded upwards after reaching the target level of 1.5350. In the near future quotations may reach an important level of 1.5460, after which the upward movement may continue to 1.5550 and 1.5675. On the other hand, breaking of 1.5350 will be a signal for a further drop in prices to the level of 1.5200. We maintain our medium-term negative outlook on the British pound.

Nearest resistance levels: 1.5460, 1.5550, 1.5675, 1.5700, 1.5800, 1.5900, 1.6000

Nearest support levels: 1.5350, 1.5200, 1.5000, 1.4700

Great British Pound and US Dollar Chart

Currencies trading and Japanese yen. The price of USD/JPY was unable to gain a foothold above the level of 121.50, and the started to correct downward within the limits of the local rising channel. The fall of price in the short term is limited by the level of 120.50. According to our estimates, quotes will keep the upward momentum and reach the next targets at 123.00 and 124.50 in the near future. Our medium-term outlook remains negative.

Nearest resistance levels: 121.50, 123.00, 124.50, 125.00, 125.70, 128.00, 130.00

Nearest support levels: 120.20, 119.00, 118.50

JPY Index Forecast

Currencies trading and Australian dollar. The price of AUD/USD after fixing the price below 0.7200, will continue to fall and currently is consolidated within the corridor 0,7100-0,7200. The growth of quotations in the near future is limited by the level of 0.7300 and the upper limit of the downward channel. On the other hand more likely is a continuation of the downward movement of quotations to the target levels around 0.7000. We recommend to hold short positions and maintain the medium-term negative outlook.

Nearest resistance levels: 0.7200, 0.7260, 0.7400, 0.7500, 0.7600, 0.7700, 0.7800, 0.7840

Nearest support levels: 0.7000, 0.6750

Australian Dollar Technical Outlook

Currencies trading and New Zealand dollar. The price of NZD/USD approached to the lower limit of the corridor 0,6400-0,6500. In case of breaking through the level 0.6500, we expect the growth of quotations to 0,6650-0,7000. A more likely scenario according to our forecast is a continuation of the downward price movement to the target marks of 0.6200 and 0.6000. We recommend to hold short positions and maintain the medium-term negative outlook.

Nearest resistance levels: 0.6500, 0.6600, 0.6700, 0.6800, 0.6850, 0.7000, 0.7080, 0.7200

Nearest support levels: 0.6400, 0.6360, 0.6200, 0.6000

New Zealand and US Dollar Forecast

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