Technical trading & analysis report – April 1st, 2014
James Chen April 1, 2014 9:16 PM
<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 500.
The focus is on technical price trends and major support and resistance levels.
EUR/USD rebounded from 1.3700 support and is once again targeting its recent mid-March high.
GBP/USD rebounded from a key 61.8% Fibonacci retracement and is also on track to recover from its recent pullback.
USD/JPY has just risen to approach key resistance at 103.70 once again, tentatively breaking out above its prolonged consolidation.
AUD/USD has risen above a key confluence of resistance and is attempting to advance further after forming a major bottoming pattern.
Gold has given back more than half of its year-to-date gains and is approaching major support around the 1265 area.
The S&P 500 index continues to reach for new record highs, but is overdue for a deeper pullback.
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