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 […]
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 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.