Technical trading & analysis report – March 3rd, 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.

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

EUR/USD has been reaching to re-test its recent two-year high, but is also forming what may become a bearish head-and-shoulders pattern.

GBP/USD continues to rally sharply and seek a resumption of its eight-month bullish trend.

USD/JPY continues to struggle as it attempts to rise off the low of its recent dip within the context of its long-term bullish trend.

AUD/USD has been unable to make a substantial upside correction, and has turned down from key resistance within its strong bearish trend.

Gold has continued to rise on its two-month rebound from a major double bottom pattern.

 

 

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