Technical trading & analysis report – 26 January 2016
James Chen January 26, 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 above the 1.0800 support level, but could be poised to resume its downtrend on any re-break below 1.0800.
GBP/USD has made a moderate rebound off its recent multi-year lows, but continues to trade within a strong bearish trend.
USD/JPY has risen above 118.00 once again as equity markets have regained some stability, but any further volatility could lead to another drop for the currency pair.
AUD/USD has rebounded but remains heavily pressured towards a potential breakdown to new long-term lows.
USD/CAD has continued to pull back sharply, but could soon resume its climb on persistently weak crude oil prices.
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