LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
In Swissquote’s Wednesday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for GBP/USD and AUD/USD. To view and download the entire report, click here (PDF).
GBP/USD: Trying to bounce
• GBP/USD is trying to bounce from its oversold decline. Hourly resistances can be found at 1.6233 (08/09/2014 high) and 1.6340 (05/09/2014 high). An hourly support now lies at 1.6060, while a more significant support stands at 1.6000 (psychological threshold and 50% retracement).
• In the longer term, prices have collapsed after having reached 4-year highs. The breach of the key support at 1.6220 confirms persistent selling pressures and opens the way for further decline towards the strong support at 1.5855 (12/11/2013 low). A key resistance now stands at 1.6644.
AUD/USD: Bearish breakout of the support at 0.9206
• AUD/USD has broken the key support area defined by 0.9206 and the 200 day moving average (see also the 38.2% retracement). The short-term technical structure is negative as long as prices remain below the hourly resistance at 0.9251 (intraday low). A first hourly resistance can be found at 0.9218 (intraday high).
• In the longer term, the break to the downside out of the 5 month horizontal range between 0.9206 (see also the 200 day moving average) and 0.9461 (10/04/2014 high)/0.9505 calls for a further decline towards the support at 0.8891 (03/03/2014 low).
Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.