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.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.