Technical trading & analysis report – March 11, 2014
James Chen March 11, 2014 6:52 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 gold and the FTSE 100.
The focus this week is on technical price trends and major support and resistance levels.
EUR/USD recently hit a new long-term high at 1.3914 before pulling back slightly, and appears poised to continue its bullish run.
GBP/USD has also pulled back from its highs, but is still within a steep uptrend.
USD/JPY broke out slightly above its previous range to hit key resistance around 103.70, but has been struggling to maintain its gains.
AUD/USD reached a corrective high at its 200-day moving average, but appears to lack the strength to correct further to the upside.
Gold‘s rise from its lows of 2013 continues unabated, and the precious metal’s advance seems poised to resume.
The UK 100 has pulled back significantly from its major resistance highs, but is still trading well within a strong bullish trend.
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