Technical trading & analysis report – 5th August 2014
James Chen August 5, 2014 8:00 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, and USD/JPY, as well […]</p>
City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, and USD/JPY, as well as indices including the FTSE 100 and the S&P 500.
The focus is on technical price trends and major support and resistance levels.
EUR/USD continues to show a major bearish bias targeting 1.3300 to the downside.
GBP/USD has pulled back further below 1.7000, but has strong support down at the key 1.6700 level.
USD/JPY has shown some recent bullish momentum but is still trading within a longer-term range.
The FTSE 100 index dropped once again below 6650 support before bouncing, and could be preparing for a further downside retracement or correction within its long-term bullish trend.
The S&P 500 has pulled back towards the 1900 level, and could also be poised for a more pronounced pullback/correction to the downside.
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