Technical Trading & Analysis Report – November 18 2013

<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>

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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 FTSE 100.

The focus this week is on potential breakouts of price consolidation, technical price trends, and some of the major support and resistance levels.

EUR/USD has pulled back to the upside after a plunge to 1.3300, which was also a key 50% Fibonacci level, and is now in consolidation around 1.3500.

GBP/USD is reaching up towards the 1.6150-area resistance after recovering from a third test of the 1.5900 support area.

USD/JPY has reached its 100.00 upside objective and moved above this major price level before consolidating once again.

AUD/USD was in the midst of fulfilling its head-and-shoulders price target before pulling back to the upside.

Gold reached an intermediate double-bottom pattern and has since bounced slightly to the upside.

The FTSE 100 has pulled back as expected, but may be preparing for a further correction from extreme highs.

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