Technical trading & analysis report – 8 March 2016
James Chen March 8, 2016 9:27 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 rebounded sharply in the past week but is approaching key 1.1100 resistance ahead of Thursday’s ECB press conference.
GBP/USD has risen to reach major resistance around the 1.4250 level and the 50-day moving average.
USD/JPY has been in consolidation since its recent plunges, but could fall further on any return of stock market volatility.
AUD/USD has risen sharply on stronger commodity prices but is nearing major resistance around the 0.7500 level.
USD/CAD has been in steady decline as crude oil prices continue to recover, but is now close to a long-term uptrend support line.
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