Technical Trading amp Analysis Report December 10 2013
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 […]
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 […]
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 technical price trends and major support and resistance levels.
EUR/USD continues to rise towards its multi-year high around 1.3830, targeting 1.4000 and a bullish trend continuation.
GBP/USD has also shown marked bullish price action on its way towards 1.6500 and 1.6750 within a steep bullish trend.
USD/JPY has been consolidating around its 103.00 price target after substantial gains, and could be pointing to the upside towards 105.00.
AUD/USD bounced off key support at 0.9000, but continues to display a strong bearish bias.
Gold also rebounded within a strong bearish trend, but could potentially be preparing for more declines towards its 1180 multi-year low.
The FTSE 100 has tentatively rebounded from an accelerated uptrend support line, as expected, and could be poised to continue its longstanding bullish trend after the recent pullback.”