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In Swissquote’s Thursday 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: Pausing near the support at 1.6162
• GBP/USD continues to retrace the rebound that started from the low at 1.6052. The hourly support at 1.6162 (16/09/2014 low) has held thus far. However, a break of the hourly resistance at 1.6287 is needed to invalidate the short-term bearish momentum.
• In the longer term, the collapse in prices after having reached 4-year highs has created a strong resistance at 1.7192, which is unlikely to be broken in the coming months. We favour a medium-term consolidation phase with supports at 1.6052 and 1.5855 (12/11/2013 low) and a resistance at 1.6644.
AUD/USD: Successful test thus far of the strong support at 0.8660
• AUD/USD has thus far successfully tested the strong support at 0.8660. Hourly resistances can be found at 0.8826 (intraday high) and 0.8950 (22/09/2014 high).
• 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.