EUR/USD: Don't expect action until Thursday

Majors are range bound in extreme thin markets, and will likely remain so for the upcoming days, so looking for short term trading opportunities today, is out of the question. US fiscal cliff however, may bring some action later this week, and decide where will majors be heading, probably all the rest of January. 

In here are the levels to watch for each of the majors:

EUR/USD Current price: 1.3213

View Live Chart for the EUR/USD
Above the 1.3300 high set past week, next resistance, and probable bullish target, comes at 1.3385, March highs. Once above, 1.3500 area is next, and would be considering selling around the level if reached.

1.3140 stands as first support as per being the 38.2% retracement of the latest bullish leg. A break below will expose 1.3000, while if market mounts on panic, 1.2745 comes next. The technical outlook is still bullish however. 

Support levels: 1.3180 1.3140 1.3100 

Resistance levels: 1.3220 1.3250 1.3290 

GBP/USD Current price: 1.6154

View Live Chart for the GBP/USD (select the currency)
With a daily double top at 1.6305 area, the GBP/USD outlook is neutral to bearish, with a key support in the 1.6065 price zone. If the level gives up, selling pressure will likely increase exposing 1.5990 first, and 1.5820 area then, neck of the mentioned figure. Losses below are not seen at the time being.

The upside remains capped by 1.6170 and only above the pair may attempt a run back towards 1.6280/1.6300 area, while a break of the 2012 high, will open doors for a run towards 1.65.00

Support levels: 1.6130 1.6090 1.6065

Resistance levels: 1.6170 1.6200 1.6245

USD/JPY Current price: 84.72

View Live Chart for the USD/JPY (select the currency)
Trading at yearly highs, the USD/JPY is not expected to retrace anytime soon, and if does, then the market will likely add to bulls rather than start selling. 85.00 psychological level comes as immediate resistance/target area, while 86.00 is next in line.Dips up to 82.80/83.30 area won’t jeopardize the midterm upward momentum, although little corrections should be expected against the trend for the first month of the year.

Support levels: 84.60 84.30 84.00 

Resistance levels: 84.90 85.15 85.50

AUD/USD: Current price: 1.0376

View Live Chart for the AUD/USD (select the currency)
Australian dollar bearish trend continues to extend as the pair broke the daily ascendant trend line coming from early December. As long as below 1.0390 now, the pair has scope to extend the rally towards 1.0260 strong static support. Below this last, the bearish midterm trend will be installed, with parity then at sight. To the upside, 1.0470 stands as key resistance as only a clear recovery above this area will ease the downward pressure.

Support levels: 1.0355 1.0310 1.260

Resistance levels: 1.0390 1.0430 1.0470 

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