31.10.2014 - Technical view

The price of EUR/USD stabilized near the level of 1.2600, after rising volatility yesterday. In case of continuation of the current downward momentum, the price will reach the level of 1.2500. Growth is limited by the levels 1.2750 and 1.2825. Signal for the beginning of an uptrend will be fixing the price above these levels. Today we can see a rebound of price to the level of 1.2700. We maintain a medium-term negative outlook with the objectives of 1.2500 and 1.2200.

Nearest resistance levels: 1.2700, 1.2825, 1.2925, 1.3000, 1.3100, 1.3160, 1.3200, 1.3240

Nearest support levels: 1.2600, 1.2500, 1.2450, 1.2200

The price of GBP/USD rebounded from the support level of 1.5960, but the upward momentum was short and now the quotes once again approached the level of 1.5960. Further reduction is limited by the level of the nearest local minimum near 1.5880. We expect the price rebound up with the closest target near 1.6100. A signal of change of the trend will be fixing of price above the level of 1.6200. We maintain a medium-term negative outlook.

Nearest resistance levels: 1.6000, 1.6200, 1.6300, 1.6400, 1.6450

Nearest support levels: 1.5960, 1.5880, 1.5800, 1.5600

The price of USD/JPY accelerated the growth and has broken the resistance level of 110.00. Given the strong upward momentum, we expect continued upward movement with the objectives of 112.00 and 115.00. Correction is limited by the level of 110.00 below which should be set the stop. At the moment, there is no reason to change the positive trend and drop is possible only within the correction. We recommend holding long positions and maintain a medium-term positive outlook.

Nearest resistance levels: 111.00, 115.00, 120.00

Nearest support levels: 110.00, 108.50, 107.60, 107.00, 106.00, 105.40, 104.70

The price of AUD/USD rebounded from the level of 0.8750 and the lower boundary of the local rising channel. The price movement in the near future is limited by the boundaries of the channel, and in case of breaking through its lower boundary, quotes will reach the strong support level at 0.8660. The probability of significant price growth is minimal and we maintain a medium-term negative outlook on the Australian dollar with the objectives near 0.8500.

Nearest resistance levels: 0.8800, 0.8900, 0.9000, 0.9100, 0.9130, 0.9200

Nearest support levels: 0.8660, 0.8600, 0.8550, 0.8500

The price of NZD/USD after a sharp drop on Thursday rebounded from the lower boundary of the local descending channel after failed to gain a foothold below 0.7800. Further correction is possible to the upper boundary of the channel and a local maximum near 0.7950. Signal to close short positions and the trend change will be fixing the price above 0.8000. We maintain a medium-term negative view of the New Zealand dollar and recommend holding short positions with the target near 0.7500.

Nearest resistance levels: 0.7950, 0.8000, 0.8050, 0.8270, 0.8350

Nearest support levels: 0.7800, 0.7740, 0.7700, 0.7500

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.