Technical trading amp analysis report 4 August 2015

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. […]


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By :  ,  Financial Analyst

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 pulled back after rising to 1.1100 resistance, and continues to carry a bearish bias.

GBP/USD has consolidated within a tight trading range and could be poised for an impending breakout on US/UK rate hike expectations.

USD/JPY has drifted higher, but continues to be limited to the upside by 124.50 resistance.

AUD/USD just made an RBA-fueled surge to the upside, but should have further downside potential on gold weakness and US dollar strength.

USD/CAD has reached up to approach its 1.3200 target and could strengthen further on continued US dollar strength and lower oil prices.

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