Technical trading & analysis report – 19 January 2016
James Chen January 19, 2016 11:35 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 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 hit and broken down below its 1.4250 support target.
USD/JPY still remains below 118.00 on recent stock market volatility, and could fall further if turmoil in the equity markets resumes.
AUD/USD has rebounded on a tentative stabilization of the financial and economic concerns in China, but still carries a significant bearish bias.
USD/CAD has hit its upside target at 1.4600 and could break out to new multi-year highs on extreme weakness in crude oil prices.
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