Technical trading & analysis report – 12 April 2016
James Chen April 12, 2016 9:07 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 consolidated under key resistance and could be poised for a breakout to the upside on any further dollar weakness.
GBP/USD continues to be entrenched in a long-term downtrend due to Brexit worries and a persistently dovish Bank of England, and could be eyeing a return back down to the 1.4000 psychological level.
USD/JPY has tentatively settled just above key support at 108.00 and could soon break down on further yen strength, provided the Bank of Japan does not institute a successful intervention.
AUD/USD has rebounded on a recent rally in commodities and is once again approaching major resistance around the 0.7700 level.
USD/CAD has continued to plunge on rallying crude oil prices, and could be poised for a breakdown below key 1.2800 support.
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