Technical trading & analysis report – 11 August 2015
James Chen August 11, 2015 6:50 PM
<p>City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD. […]</p>
City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD.
The focus is on technical price trends and major support and resistance levels.
EUR/USD has risen back up towards 1.1100 resistance within a large trading range that has been in place for the past several months.
GBP/USD continues to consolidate within a tight trading range in anticipation of US/UK rate hikes.
USD/JPY has drifted higher towards its next major upside target around the 126.00 level.
AUD/USD has dropped back down towards 0.7300 support and could be poised for a breakdown to new lows.
USD/CAD has pulled back after reaching its 1.3200 target, but could be preparing for another breakout on US dollar strength and low oil prices.
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