Technical Trading amp Analysis Report 8211 November 4 2013

City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major forex pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD. The […]


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City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for the major forex pairs, including EUR/USD, GBP/USD, USD/JPY, and AUD/USD.

The focus this week is on recent US dollar strength, technical price trends and the key support and resistance levels for the major currencies.

EUR/USD has plunged down to the 1.3500 area – just above the key uptrend support line extending back to the July low, and is therefore at an important price juncture.

GBP/USD has dropped down to test the 1.5900 area low before rebounding.

USD/JPY is at the upper border of a large triangle pattern consolidation extending back for the past five months and appears poised for a break of the trading range.

AUD/USD has, for the time being, halted its plummet of the past couple of weeks right above the key 0.9400 support level.

 

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