Technical Analysis

USD/JPY Consolidating, USD/CAD Trading Sideways, AUD/USD Profit-Taking.

Typography

USD/JPY Consolidating.

USD/JPY is trading sideways after short-term surge. Hourly support can be found at 108.89 (14/06/2017 high). Strong support is located at 108.13 (17/04/2017 low). Hourly resistance given at 110.81 (09/06/2017 high) has been broken. Other key supports lie at a distance 106.04 (11/11/2016 low). Expected to show continued increase towards resistance given at 112.13 (24/05/2017 high

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

USD/CAD Trading sideways.

USD/CAD has strongly declined and is now consolidating. Hourly support lies at 1.3165 (14/06/2017 high). Expected to show continued weakness towards support given at 1.3010 (16/02/2017 low)

In the longer term, the pair lies in a bullish channel since a year. Strong resistance is given at 1.4690 (22/01/2016 high). Long-term support can be found at 1.2461 (16/03/2015 low).

AUD/USD Profit-taking.

AUD/USD is pushing higher since the pair has failed to reach hourly support given at 0.7329 (09/05/2017 low). The technical structure is clearly positive and the pair should head towards resistance at 0.7750 (21/03/2017 high).

In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

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Swissquote Bank SA
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