Technical trading & analysis report – 29th April, 2014
James Chen April 29, 2014 8:34 PM
<p>City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD, as […]</p>
City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD, as well as the S&P 500 and the FTSE 100.
The focus is on technical price trends and major support and resistance levels.
EUR/USD is still in consolidation around its 50-day moving average but continues to trade within a strong bullish trend.
GBP/USD is trading close to its new four-year high and is on track to target a continuation of the entrenched uptrend towards 1.7000.
USD/JPY continues to trade sideways around its 50-day moving average but has established strong support around 101.00 on top of an overall bullish trend line.
AUD/USD has retraced some of its recent gains back down to a major uptrend line after hitting its 0.9400 upside target, but appears poised to continue its recovery towards the 0.9600-0.9650 target.
The S&P 500 US equity index is attempting a recovery from its recent 4% pullback, and is now trading close to its record high just short of 1900 once again.
The FTSE 100 has recovered more than half of its recent 5% pullback and is eyeing a major upside target around the 6870-6880 multi-year highs.
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