EUR/USD Current price: 1.2910
The EUR/USD remains under pressure ahead of the US opening, trading around the 1.2900 area and still looking heavy in this risk off Monday. Stocks and commodities are down with US indexes nearing past week low, and if those lows give up, further dollar buying is likely. This is the last trading week of the Q3, and profit taking on high yielders may continue over the upcoming days. For the short term, the EUR/USD holds to its bearish tone set early Asian, as indicators aim lower below their midlines, although price needs to fall below the 1.2880 static support level to be able to extend its slide today. Bounces will likely remain limited by 1.2930/50 static resistance zone.
Support levels: 1.2880 1.2845 1.2820
Resistance levels: 1.2930 1.2960 1.2995
GBP/USD Current price: 1.6193
The GBP/USD is also weighted by market sentiment, holding however around the 1.6200 price zone. The hourly chart shows 20 SMA with a strong bearish slope capping the upside currently around 1.6210, while indicators head south in negative territory. In the 4 hours chart the pair holds a neutral stance with indicators in neutral territory, and price hovering around a flat 20 SMA. Immediate strong support is located at the 1.6150/60 area, and unless a clear break below, the upside is favored.
Support levels: 1.6180 1.6150 1.6120
Resistance levels: 1.6215 1.6260 1.6285
USD/JPY Current price: 78.00
Slowly but steadily, market players buy the JPY that gains momentum particularly against European currency. For the USD/JPY the tight usual range predominates, although the upside seems quite well limited by selling interests. The hourly chart shows indicators in negative territory, and price well below 100 and 200 SMA’s which should prevent the pair to advance strongly up. In bigger time frames the technical outlook is pretty similar, with a break below 77.90 needed to confirm more yen advances.
Support levels: 77.90 77.65 77.30
Resistance levels: 78.20 78.50 78.80
AUD/USD: Current price: 1.0397
Commodity currencies are among the major losers today, with AUD/USD unable to gain track above the 1.0410 mark. The bearish run has reached the 50% retracement of the latest bullish run around 1.0390 that for now is keeping the downside limited. The hourly chart holds earlier bearish tone although in the 4 hours chart, indicators are pointing for an upward correction that may extend near 1.0445 38.2% retracement of the same daily rally. Only below 1.0370 the bearish momentum will gain track, looking then to test 1.0300/30 price zone.
Support levels: 1.0370 1.0330 1.0300
Resistance levels: 1.0410 1.0445 1.0480
Today's new term is Kagi Chart.