Technical trading & analysis report – 6 October 2015
James Chen October 6, 2015 8:26 PM
<p>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. […]</p>
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 continued its prolonged consolidation above 1.1100 support and could soon be poised for a breakout of this consolidation.
GBP/USD has consolidated slightly under the key 1.5200 level and continues to carry an overall bearish bias.
USD/JPY is trading in the middle of a prolonged triangle consolidation, and the currency pair’s 50-day moving average has just crossed below its 200-day moving average, creating a potential “death cross” technical scenario.
AUD/USD has rebounded along with gold and other commodities, bringing it off its long-term lows.
USD/CAD has pulled back sharply with a rebound in crude oil, but is facing major support around the 1.3000 level.
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