EUR/USD Current price: 1.3383
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The EUR/USD ends the day with some gains still below the 1.3403 posted Monday Asian session. FED president Ben Bernanke is hitting the wires, stating they have the tools to undo monetary stimulus when needed, yet seems to be in no rush to raise rates soon: financial system must stabilize first. Holding in a tight range, the short term picture looks neutral, as hourly indicators stay flat around their midlines while price hovers around a flat 20 SMA. In the 4 hours chart however, bullish bias remains strong: RSI reached 70 before bouncing back north, while 20 SMA continues to hold a healthy bullish slope. As long as above 1.3320/30 area now, there’s scope for a run towards the 1.3485 price zone.
Support levels: 13370 1.3325 1.3290
Resistance levels: 1.3405 1.3450 1.3485
GBP/USD Current price: 1.6071
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Pound found some buyers around 1.6020 static support level, managing to bounce against the greenback back to 1.6065 key level. The pair has underperformed this Monday, and continues to look bearish in the hourly chart: price remains capped below 20 SMA while indicators head south below their midlines. In the 4 hours chart technical readings also present a bearish tone, with 20 SMA turning lower well above current price and indicators entering negative territory. Still, only a clear break below 1.5990 will confirm a stronger bearish tone, and further slides targeting then 1.5820 price zone.
Support levels: 1.6020 1.5990 1.5950
Resistance levels: 1.6090 1.6120 1.6150
USD/JPY Current price: 89.48
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The USD/JPY trades in range, holding to recent gains, and with no aims yet to change direction. Both short and long term charts suggest current trend is here to stay. The hourly chart shows indicators bouncing slightly higher from overbought levels after a limited correction, while distance between 100 and 200 SMA’s widens. With 90.00 still at sight, a break above this last should favor a continuation towards 92.50 area this week.
Support levels: 89.30 89.00 88.70
Resistance levels: 89.65 90.00 90.30
AUD/USD: Current price: 1.0557
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Quite an uneventful Monday for AUD/USD that spent most of the day trading in a 40 pips range. After failing to take over 1.0600, the AUD/USD has seen some bearish short term momentum, although 1.0550 continues to attract buyers. The hourly chart presents a limited bearish tone with price below 20 SMA and momentum crossing the 100 level, yet bigger time frames shown a more neutral stance: in the 4 hours chart, price is finding support in a bullish 20 SMA while indicators turned flat around their midlines after correcting overbought readings. At this point, the pair lacks clear definitions and either above 1.0600 or below 1.0490 support, a clearer trend will develop.
Support levels: 1.0550 1.0520 1.0490
Resistance levels: 1.0580 1.0600 1.0660
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