Technical Trading & Analysis Report – December 16 2013
James Chen December 16, 2013 8:28 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 FTSE 100. The focus this week is on technical price trends and major support and resistance levels.
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, despite a pullback to the 1.6300 level.
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 continues to display a strong bearish bias targeting its 0.8850 multi-year low, towards 0.8600 support. Gold also continues to display a strong bearish bias towards its 1180 long-term low.
The FTSE 100 has tentatively rebounded from an accelerated uptrend support line, despite dipping under the trend line briefly, and could be poised to continue its longstanding bullish trend after the recent pullback.
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