Technical trading amp analysis report 5 April 2016
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. […]
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. […]
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 risen sharply in the past week due to a weakening of the US dollar, and has approached a key resistance level around 1.1450.
GBP/USD has been entrenched in a consolidation around its 50-day moving average and could be poised for a breakdown below 1.4000.
USD/JPY has tentatively broken down below key support at 111.00 and could follow-through to continue its medium-term downtrend.
AUD/USD has pulled back to support at 0.7500 due to a drop in commodities.
USD/CAD has rebounded on a sharp drop in crude oil prices, and may have formed a near-term bottom.