EUR/USD Current price: 1.2947
The EUR/USD stands around the weekly opening level after another choppy Monday that saw the pair fall as low as 1.2890 and test a daily high of 1.2978 during European hours. While stocks edged higher around the world, risk appetite was not enough to push euro beyond 1.2990 past Friday high, another signs bulls may be getting too nervous over Spain. Market is not finding a reason to take over the 1.3000 area, and quietly waits for next trigger. In the meantime, the EUR/USD hourly chart shows price barely above a flat 20 SMA while indicators turn lower near their midlines, losing upward potential. In the 4 hours chart technical readings lost early upward momentum turning slowly negative early Asia, although the downside is being limited by improved market sentiment. Current session may see some upward pressure if local share markets follow their overseas partners, yet next European session, fulfilled with macro data, may bring shed more light over the pair’s nearest future.
Support levels: 1.2930 1.2900 1.2875
Resistance levels: 1.2990 1.3030 1.3070
GBP/USD Current price: 1.6069
The GBP/USD failed to extend gains beyond the 1.6065 level, 38.2% retracement of its latest daily fall. Having spent most of the past session holding right above the level, chances are of some follow trough if price manages to stand above 1.6060 intraday support and stocks continue on their positive mood. The hourly chart shows price holding above a still bullish 20 SMA while momentum heads north above the 100 level and RSI stands in positive territory. In the 4 hours chart however technical readings are turning south, reflecting the lack of buying interest. Strong support comes around 1.6030, 23.6% retracement of the same rally and a short term ascendant trend line: once below bears will likely take over, looking then for a retest of the 1.5970 price zone.
Support levels: 1.6030 1.6000 1.5970
Resistance levels: 1.6095 1.6120 1.6150
USD/JPY Current price: 78.69
The USD/JYP traded as high as 78.85 today, seeing a strong upward momentum early Europe, yet unable again to take over the 78.80 area, where 100 DMA stands today. The moving average, has been limiting the upside since mid May this year, while Japanese exporters are reported to be also around the level, which makes of it a strong resistance level that won’t be easy to break, regardless intraday woes. The hourly chart shows price bouncing from a session low of 78.62, while indicators corrected overbought readings standing still in positive territory. In the 4 hours chart technical picture is quite similar helping keep the upside limited. Dips towards 78.10/20 area will likely be seen as buying opportunities back towards present price zone.
Support levels: 78.60 78.40 78.10
Resistance levels: 78.80 79.10 79.30
AUD/USD: Current price: 1.0246
The AUD/USD enters Asian session with a limited bullish tone in the short term, as the hourly chart shows positive technical readings with no strength at the time being. Overall, the upside remains limited as long as the pair trades below 1.0270 immediate resistance, that if broken will likely lead to a quickly test of the 1.0300 area. The 4 hours chart continues to show a neutral stance, giving no much clues on direction. Break below 1.0200 should signal further selling pressure for Aussie, although only below 1.0160 the bearish momentum will gain strength.
Support levels: 1.0230 1.0200 1.0170
Resistance levels: 1.0270 1.0300 1.0335
Today's new term is Convertibility Risk.