Technical trading & analysis report – 2nd September 2014

<p>Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, and USD/JPY, 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 USD/JPY, 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 an exceptionally strong bearish bias having declined to the 1.3100 support level and now targeting further downside around the 1.3000 psychological level.

GBP/USD has also continued to show a strong bearish bias just above 1.6500 support, and could soon be targeting 1.6300 to the downside.

USD/JPY advanced further to hit a fresh seven-month high, and is now reaching towards its 2014 high of 105.43.

Gold has been showing signs of an impending breakdown below the lower border of a large triangle pattern towards 1265-area support and the 1240 range low.

The FTSE 100 index has continued to show strength towards its major resistance area directly to the upside around 6875-6885.

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