EUR/USD Current price: 1.3316
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Monday ends with no pity and no glory, and majors practically unchanged. In Europe, the EU minister meeting continues developing, with a new leader for the Euro group, Dijsselbloem despite Spain didn’t support him. Cyprus bailout will have to wait for spring, while next tranche of aid for Greece is going to be pay. The EUR/USD however, was unable to break its Monday 35 pips range, and all eyes turn now to next risk event, BOJ economic policy announcement. Still hovering around 1.3320, 23.6% retracement of the 1.3038/1.3403 rally, the pair lacks technical definitions both, in the 1 and 4 hours chart, as indicators in both time frame remain flat around their midlines. For the short term the EUR/USD maintains the slightly negative tone seen early: below 1.3290, the pair may attempt to revisit past week lows around 1.3255 while the upside seems well caped at the time being.
Support levels: 1.3290 1.3250 1.3220
Resistance levels: 1.3330 1.3350 1.3375
GBP/USD Current price: 1.5830
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The GBP/USD reached an intraday low of 1.5807, still heavy as the pair trades near November low. In the hourly chart, technical readings hold the bearish tone, with indicators heading lower below their midlines and price below 20 SMA, yet is the daily chart the one actually interesting: the pair has a double top around 1.6300, with current 1.5820 being the neckline. The height of the figure is of around 470 pips, targeting then, 1.5350 area once complete. The downside remains short term favored as long as price holds below the 1.5900 price zone.
Support levels: 1.5820 1.5770 1.5730
Resistance levels: 1.5850 1.5885 1.5915
USD/JPY Current price: 89.63
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Unchanged since last update, the USD/JPY trades steady around the 89.60, as market players wait for the latest BOJ economic policy decision, and the possibility of an extension of the ultra aggressive policy of Abe. With no much volume over the last hours, technical readings in the hourly chart turn lower around their midlines, although price stands above moving averages, which for now, limit the downside. As mentioned on previous update, pair needs now to break above recent high of 90.25 to resume the upside. Below 88.80 however, risk of further falls increase for today.
Support levels: 89.30 89.05 88.80
Resistance levels: 89.90 90.25 90.40
AUD/USD: Current price: 1.0516
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The AUD/USD managed to bounce slightly up after testing 1.0490 support again, but the lack of volume has left the pair neutral in the short term, as indicators stand around their midlines while price holds around 20 SMA. Bigger pictures however, are starting to look more bearish, with 20 SMA in the 4 hours chart now offering dynamic resistance around 1.0520. Watch for a clear break of 1.0490 to trigger a slide towards the 1.0430 price zone.
Support levels: 1.0490 1.0450 1.0430
Resistance levels: 1.0520 1.0550 1.0580
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