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.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.