Swissquote Daily Technical Report: AUD/USD – Declining sharply


In Swissquote’s Monday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for AUD/USD and EUR/GBP. To view and download the entire report, click here (PDF).

AUD/USD: Declining sharply

• AUD/USD continues its steep decline. The psychological support at 0.9000 has been breached. Another support lies at 0.8891. Hourly resistances can be found at 0.9080 (intraday high) and 0.9218 (10/09/2014 high).

• In the medium-term, the break to the downside out of the 5 month horizontal range between 0.9206 and 0.9505 (bearish head and shoulders formation) calls for a further decline towards the support at 0.8891 (03/03/2014 low).

audusd

EUR/GBP: Moving sideways

• EUR/GBP continues to consolidate within the horizontal range defined by the support at 0.7874 and the key resistance at 0.8034. An hourly support lies at 0.7941 (12/09/2014 low). The long-term declining channel continues to favour a bearish bias.

• In the longer term, the break of the key support area between 0.8082 (01/01/2013 low) and 0.8065 (05/06/2014 low) opens the way for a full retracement of the rise that started at 0.7755 (23/07/2012 low). Another strong support stands at 0.7694 (20/10/2008 low). A break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.

eurgbp

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.

Related News

arrow

Swissquote Daily Technical Report: AUD/USD - Declining sharply

0

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: