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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 EUR/USD and AUD/USD. To view and download the entire report, click here (PDF).
EUR/USD: Challenging a strong support area
• EUR/USD has broken the strong support at 1.2755 and is now challenging the one at 1.2662. The short-term momentum is negative as long as prices remain below the hourly resistance at 1.2901 (23/09/2014 high). An initial resistance can be found at 1.2816 (22/09/2014 low).
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. The strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) is challenged. An eventual break lower is expected. A resistance lies at 1.2995 (16/09/2014 high). Another strong support lies at 1.2043 (24/07/2012 low).
AUD/USD: Challenging its strong support at 0.8660
• AUD/USD continues its steep decline and is now close to its strong support at 0.8660. Hourly resistances can be found at 0.8826 (intraday high) and 0.8927 (23/09/2014 high).
• In the long-term, the underlying trend is negative. Monitor the test of the strong support at 0.8660 (24/01/2014 low). 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.