Technical trading & analysis report – January 14, 2014

<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.

 

 

After a sharp pullback in the beginning of the year, EUR/USD has attempted a recovery of the bullish trend that’s been in place for the past six months.

GBP/USD also experienced a pullback in the beginning of 2014, but continues to be entrenched for the time being within a steep bullish trend.

USD/JPY corrected to the downside after reaching highs above 105.00, but continues to show resilience and a bias towards potentially higher highs.

AUD/USD pulled back to the upside but continues to exhibit marked bearishness towards long-term lows.

Gold rebounded after hitting a double-bottom extreme low at the very end of 2013 but is still under pressure.

The FTSE 100 has consolidated in a flag pattern near extreme highs since the beginning of 2014 and may be poised for another potential bullish move.

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