Technical Trading amp Analysis Report December 2 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 […]


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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 and the FTSE 100.

The focus this week is on forex technical price trends and major support and resistance levels.

EUR/USD sustained a drop, but is still within a general bullish consolidation.

GBP/USD has made a strong advance to break out above the key 1.6300 resistance, but has started the week with a significant pullback.

USD/JPY finally hit its upside price target at 103.00, establishing a new six-month high in the process, and continues to display marked strength.

AUD/USD continues to show weakness towards its multi-year lows.

Gold resumes its decline after breaking down below its previous double-bottom low and appears poised to seek a re-test of its long-term low near 1180.

The FTSE 100 has pulled back further, as expected, but should be preparing for even further downside correction from extreme highs.

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