31.03.2014 - Technical view
Futures on the broad U.S. stock index S&P 500 is trading near the lower limit of the upward channel. In case of continued growth, the price can reach levels near historical highs at around 1880. In case of further decrease, a signal to sell will be price fixing below 1840. The targets in this case will be the levels 1800 and 1780. We maintain a long-term negative outlook on the futures.
Nearest support levels: 1858, 1840, 1830, 1820
Nearest resistance levels: 1880, 1900
The price of euro has reached 1.3700 but failed break through it and corrected upwards. Now the price is consolidating around the strong level 1.3750. In case of further decrease, a signal to sell will be price fixing below 1.37. In this case the target levels will become 1.3640 and 1.3560. We maintain a long-term negative outlook for the euro.
Nearest support levels: 1.3700, 1.3640, 1.3650
Nearest resistance levels: 1.3850, 1.3900, 1.3960
The price of GBP/USD fixed above 1.6600 and reached the strong resistance at 1.6650. At the moment the price is near the lower limit of the local rising channel. Now there is a high probability of price correction to the level of 1.6600, after which the growth can resume. The signals to buy will be price fixing above the level of 1.6650 with targets at 1.6750 and 1,6800. We expect further growth and maintain a long-term positive outlook.
Nearest support levels: 1.6600, 1.6500, 1.6400, 1.6300
Nearest resistance levels: 1.6650, 1.6770, 1.6820
The price of USD/JPY has broken through the strong resistance level 102.70 and is consolidated below 103.00. We recommend to open long positions with the objectives of 103.50, 104.00 and 104.70. The growth of price may stop near the upper limit of the upward channel. We keep medium and long term positive outlook for the USD/JPY.
Nearest support levels: 102.70, 101.90, 101.25, 100.90, 100.40
Nearest resistance levels: 103.50, 104.00, 104.70
The price of AUD/USD increased to the upper limit of the upward channel and almost reached the level of 0.9300. We expect price correction with the targets at 0.9200 and 0.9130. Further movement of price in the medium term will pass inside the rising channel. Increase in volatility is expected tonight after the announcement of the Reserve Bank of Australia (3:30 GMT).
Nearest support levels: 0.9200, 0.9130, 0.9100, 0.9000, 0.8925
Nearest resistance levels: 0.9300
The price of the New Zealand dollar was unable to return inside the rising channel and break the resistance at 0.8700. After a minor correction the price is consolidating above 0.8650. In case of further decline, quotations may reach 0.8520. We maintain our positive outlook for the New Zealand dollar, but note the higher probability of further correction in the near future.
Nearest support levels: 0.8630, 0.8500, 0.8450, 0.8390, 0.8250
Nearest resistance levels: 0.8700
Falling of gold prices has stopped in the area of 1290-1300 dollars per troy ounce. Further reduction is limited by the level of 1275. After a strong fall, we expect correction with targets at 1315 and 1330. We maintain a long-term positive outlook for gold.
Nearest support levels: 1290, 1275
Nearest resistance levels: 1315, 1320, 1330, 1344, 1352