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In Swissquote’s Tuesday 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: The support at 0.8891 has been breached
• AUD/USD has breached the support at 0.8891. The short-term technical structure is negative as long as prices remain below the resistance at 0.9002 (19/09/2014 high). Another resistance stands at 0.9112 (16/09/2014 high).
• In the long-term, the underlying trend is negative. The lack of base formation on January 2014 and the current sharp decline favour a test of the strong support at 0.8660 (24/01/2014 low). Another strong support lies at 0.8067 (25/05/2010 low).
EUR/GBP: Pickup in buying interest
• EUR/GBP made a sharp bullish intraday reversal on Friday (hammer) indicating exhaustion in short-term selling pressures. Hourly resistances for a short-term bounce can be found at 0.7915 (18/09/2014 high) and 0.7952 (intraday high). An hourly support now stands at 0.7810 (19/09/2014 low).
• In the longer term, the underlying downtrend favours a test of the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) at minimum. A break of the resistance at 0.8034 (25/06/2014 high) is needed to suggest some exhaustion in the medium-term selling pressures.
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.