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 USD/JPY and AUD/USD. To view and download the entire report, click here (PDF).
USD/JPY: Pushing higher towards the strong resistance at 105.44
• USD/JPY is making new highs, opening the way for a test of the strong resistance at 105.44
(see also the 61.8% retracement and the long term declining trendline). Hourly supports can be found at 104.22 (intraday low) and 103.50 (22/08/2014 low).
• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The break to the upside out of the consolidation phase between 100.76 (04/02/2014 low) and 103.02 favours a resumption of the underlying bullish trend. Strong resistances can be found at 105.44 (02/01/2014 high) and 110.66 (15/08/2008 high).
AUD/USD: Lack of buying interest
• AUD/USD has failed to break the resistance at 0.9374. The subsequent break to the downside out of the rising channel negates a potential short-term double-bottom formation. An hourly support can be found at 0.9272, while a key support stands at 0.9239. An hourly resistance now lies at 0.9319 (01/09/2014 low).
• In the longer term, prices are consolidating within the range defined by the key support at 0.9206 (see also the 200 day moving average) and the key resistance at 0.9461 (10/04/2014 high)/0.9505.
