Technical trading & analysis report – 27th May 2014

<p>City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD, as […]</p>

City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major currency pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD, as well as gold and the S&P 100 index.

The focus is on technical price trends and major support and resistance levels.


EUR/USD has dropped below its 200-day moving average, a significant bearish indication, and is working its way back down towards 1.3500 support.

GBP/USD continues to trade above its key 50-day moving average, showing enduring strength despite a pullback from its long-term highs.

USD/JPY continues to trade sideways but has recently drifted lower and rebounded from major 100.75 support.

AUD/USD has broken down below its four-month uptrend line and appears poised to move further back down towards its 200-day moving average.

Gold has been trading in a sideways consolidation for the past two months, and has just dropped towards key 1265 support.

The S&P 500 index continues to reach for new record highs, passing the 1900 mark and showing few signs of abating.

 

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.