Technical trading amp analysis report 8 December 2015

City Index Chief Technical Strategist, James Chen, provides the weekly technical analysis outlook for five major currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD.

The focus is on technical price trends and major support and resistance levels.

EUR/USD has consolidated above 1.0800 after last week’s ECB-Driven surge, but could soon be poised for a move back down ahead of the Fed’s mid-December meeting.

GBP/USD has moved further down to continue its declining pattern of lower lows and lower highs.

USD/JPY remains in consolidation above 122.00 support but could see further downside on continued volatility in the equity markets.

AUD/USD has declined significantly after several weeks of gains, and could be poised to extend its long-term bearish trend.

USD/CAD has risen sharply to break out above 1.3400 and just hit its upside target at 1.3600 on a rebound in the US dollar and extreme weakness in crude oil.

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