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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 USD/JPY and AUD/USD. To view and download the entire report, click here (PDF).
USD/JPY: Challenging the support at 108.01
• USD/JPY has weakened near the major resistance at 110.66 (15/08/2008 high). The key
support at 108.01 (see also the low of the declining channel) is challenged. Another key support stands at 106.81. An hourly resistance lies at 109.23 (07/10/2014 high).
• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. Despite the recent pause near the major resistance at 110.66 (15/08/2008 high, see also the 50% retracement from the 1998’s top), a move higher is eventually favoured. Another resistance can be found at 114.66 (27/12/2007 high).
AUD/USD:The resistance at 0.8826 has held thus far
• AUD/USD has experienced a pickup in buying interest near the strong support at 0.8660 (24/01/2014 low). However, prices have thus far been unable to break the key resistance at 0.8826. A break of this level would validate a short-term base formation. Another key resistance lies at 0.8950. An hourly support can be found at 0.8727.
• In the long-term, the underlying trend is negative. The impulsive decline from the lower high at 0.9505 (01/07/2014 high) does not suggest that the end of this downtrend is near. Monitor the test of the strong support at 0.8660 (24/01/2014 low). A key resistance stands at 0.9112 (16/09/2014 high). Another strong support lies at 0.8067 (25/05/2010 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.