Technical trading & analysis report – 12 January 2016

<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 continues to consolidate within a relatively tight trading range, but could be poised to resume its downtrend on any re-break below 1.0800 support.

GBP/USD has continued to drop sharply, having just broken down substantially below the 1.4500 support level.

USD/JPY currently remains below 118.00 on recent stock market volatility, and could fall further if turmoil in the equity markets resumes.

AUD/USD has been persistently weighed down within its long-term bearish trend, and currently has a key downside target at 0.6800 support.

USD/CAD has continued to rise on US dollar strength and extreme crude oil weakness, and is currently targeting progressively higher multi-year highs above 1.4200.

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