Technical trading & analysis report – 23 February 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 has broken down below 1.1100 support and could be poised to resume its entrenched bearish trend.

GBP/USD has accelerated its plunge and is on track to extend its sharp downtrend.

USD/JPY has dropped once again towards its recent long-term lows as risk aversion and market volatility continue to boost the safe haven yen.

AUD/USD has risen steadily in the past month, but could now be faced with increased resistance to further gains.

USD/CAD has fallen sharply in the past month, but could soon see a rebound on continued weakness in crude oil prices.

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