Technical trading amp analysis report April 14th 2014

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 […]


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By :  ,  Financial Analyst

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


EUR/USD continues to hold above its 50-day moving average after rebounding from 1.3700 support, and is once again targeting its recent mid-March high.

GBP/USD re-tested its February 1.6820 high last week, forming a potential double-top pattern, but is still entrenched in a strong bullish trend.

USD/JPY has continued its prolonged consolidation, and is now settling around key year-to-date support.

AUD/USD has persisted in its strong bullish stance, as it has tentatively pushed above major 0.9400 resistance, and is seeking further potential gains.

Gold has rebounded after giving back more than 50% of its first quarter gains, and appears to be on track for a further recovery from its long-term lows.

 

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