USD/CAD

USD/CAD continued its sideways movement in a range between 1.2351 and 1.2835. As long as 1.2351 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0619 (Jul 3, 2014 low), further rise towards 1.3500 is still possible after consolidation. Key support is at 1.2200, only break below this level could signal completion of the uptrend.

USD/JPY WEEKLY

USD/JPY is forming a sideways consolidation in a range between 115.56 and 122.02. Support is at 115.56, as long as this level holds, the uptrend from 101.06 (Jul 10, 2014 low) could be expected to resume, and next target would be at 130.00 area. Resistance is at 122.02, a break of this level could signal resumption of the uptrend.

AUD/USD WEEKLY

AUD/USD remains in downtrend from 0.9504 (Jul 1, 2014 high). Further decline could be expected over the next several weeks, and next target would be at 0.7000 area. Key resistance is now at 0.7938, only break above this level could signal completion of the downtrend.

GBR/USD WEEKLY

GBP/USD broke below 1.4634 support, indicating that the downtrend from 1.7190 (Jul 15, 2014 high) has resumed. Further decline could be expected, and next target would be at 1.4000 area. Near term resistance is at 1.4800, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then further rise towards top of the price channel on daily chart could be seen.

EUR/USD WEEKLY

EUR/USD stayed in the downward price channel on daily chart, and remains in downtrend from 1.3993 (May 8, 2014 high). Resistance is located at the top of the channel, as long as the channel resistance holds, the rise from 1.0462 could be treated as consolidation of the downtrend. Support is at 1.0462, a breakdown below this level will signal resumption of the downtrend, then the following downward movement could bring price to 1.0000 area. Key resistance is at 1.1533, only break above this level could signal completion of the downtrend.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk