Technical trading & analysis report – 2 February 2016
James Chen February 2, 2016 8:26 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 in a tight trading range above the 1.0800 support level, but could be poised to resume its downtrend on any re-break below 1.0800.
GBP/USD has formed a potential bearish flag pattern, and continues to trade within a strong bearish trend.
USD/JPY has pulled back after having surged on the Bank of Japan’s rate cut, and is approaching key support around the 120.00 level.
AUD/USD has retreated on the Reserve Bank of Australia’s rate statement after having broken out above an inverted head-and-shoulders pattern.
USD/CAD has shown some signs of rebounding on continued crude oil weakness after having pulled back down below the 1.4000 support area.
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