EUR/USD Current price: 1.2942

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The EUR/USD managed to bounce from the 1.2880 area in a quiet Monday with majors trading in tight ranges despite the daily drama coming from Europe: this time, Italian PM Monti announced that he intends to submit his resignation once parliament passes the 2013 budget law, pointing for an early election as soon as February next year. Spanish yields rose, nearing again 6% and following another round of discouraging economic data in early Europe. However, US stocks early momentum helped the pair recover some ground, and the EUR/USD settled most of the American session around current levels. The hourly chart shows price near its daily high, staling around the 1.2940 area, while technical readings present a limited bullish tone, holding above their midlines yet lacking strength. In the 4 hours chart the pair is still biased lower, with 20 SMA offering dynamic resistance around 1.2970. Only above this last the pair will lose the bearish tone and attempt a recovery above 1.3000.

Support levels: 1.2910 1.2880 1.2845 

Resistance levels: 1.2970 1.3000 1.3040

GBP/USD Current price: 1.6073

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The GBP/USD rose as high as 1.6095 before pulling back lower, ending the day with nice gains and consolidating in between the 50% and the 61.8% retracements of its latest daily fall. The hourly chart shows 20 SMA heading strongly north converging with the mentioned 50% around 1.6065 and immediate support, while indicators turned flat in positive territory. In the 4 hours chart however, the pair lacks upward momentum, and indicators head lower in negative territory which helps keeping the upside limited for now.  Back below 1.6065, the pair will lose short term bullish potential, looking then for the 1.6000 area.

Support levels: 1.6065 1.6025 1.5990

Resistance levels: 1.6095 1.6130 1.6150

USD/JPY Current price: 82.35

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Market talks that the BOJ will ease at next week’s policy meeting, adding another JPY 5-10T to its QE program halted yen gains against the greenback, as the pair bounced from a daily low of 82.10, surging back above the 82.30 area still trading in an uneventful range. the hourly chart shows technical readings mostly flat showing no actual strength, with 81.50/82.80 as the extremes to break to set a clearer trend in the pair, and a break seems not likely until Wednesday, when FOMC meeting may rock market. 

Support levels: 82.10 81.80 81.50

Resistance levels: 82.30 82.60 82.85 

AUD/USD: Current price: 1.0486

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The AUD/USD continues to find sellers around 1.0500, as the pair reached 1.0504 yet again, failed to extend the advance. Retracements from the level had been well contained by 1.0460 static support, leaving the pair in a clear neutral stance. The hourly chart shows price hovering around a flat 20 SMA and indicators around their midlines, giving not much clues on direction. In the 4 hours chart a slightly bullish tone persists, yet unless a clear break and follow trough beyond 1.0510, buyers will have to wait. 

Support levels: 1.0460 1.0430 1.0400

Resistance levels: 1.0510 1.0550 1.0570

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