Technical trading & analysis report – February 3, 2014
James Chen February 3, 2014 9:01 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 the FTSE and S&P.
The focus this week is on technical price trends and major support and resistance levels.
EUR/USD plunged considerably last week to hit key support at 1.3500 in a significant pullback move.
GBP/USD also pulled back substantially, interrupting the general rally that has been in place since July of last year.
USD/JPY has topped out for the time being, pulling back to its 101.50 support level after having hit a high above 105.00 in the beginning of the year.
AUD/USD continues to show a strong bearish bias, but is currently in consolidation as it prepares for the next major move.
The FTSE 100 plunged below a major uptrend support line and the 200-day moving average, providing some indication that a potential further downside correction may be in order.
The S&P 500 has also hit its uptrend support line but continues to fall, indicating further potential bearishness ahead.
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