Technical trading & analysis report – 19th August 2014

<p>Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, and AUD/USD, as well as gold […]</p>

Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, and AUD/USD, as well as gold and the FTSE 100.

The focus is on technical price trends and major support and resistance levels.

 


 

EUR/USD continues to show a major bearish bias targeting 1.3300 to the downside and potentially towards 1.3100 support.

GBP/USD has also continued its downside momentum, breaking down below key 1.6700 support and potentially targeting 1.6500 and then 1.6300.

AUD/USD has drifted within a prolonged trading range with key support at 0.9200 and key resistance at 0.9500.

Gold has also been stuck in a sideways consolidation, forming a large triangle pattern.

The FTSE 100 index has rebounded strongly after dropping below 6650 support to hit a low just above its 6500 downside target, but has major resistance directly to the upside around the 6875-6885 area.

 

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