EUR/USD Current price: 1.3580
View Live Chart for the EUR/USD_20130206041519.gif "eur")
The sell-off to start the week found support at 1.3456 and posted gains in the European session. This maintains the overall bullish trend. There does seem to be a bit of the bullish momentum returning. A break above 1.3710 can open up the bullish continuation outlook, with 1.3830-35 as the next possible resistance (61.8% retracement of the 2011-2012 bear run, and a previous support pivot from July 2011).
Support Levels 1.3447 1.3393 1.3289
Resistance Levels 1.3605 1.3709 1.3763
GBP/USD Current price: 1.5661
View Live Chart for the GBP/USD (Select the currency)_20130206041553.gif "gbpusd")
GBP/USD is breaking into new lows on the year. Next key support/retracement level may be in the 1.5495-1.55 area (78.6% retracement of the May through Dec 2012 bull run and near the lows of a consolidation period during June-July 2012.) At this point, the bearish outlook remains so, until a break at least above 1.58.
Support Levels 1.5701 1.5655 1.5619
Resistance Levels 1.5783 1.5819 1.5865
USD/JPY Current price: 93.75
View Live Chart for the USD/JPY (select the currency)_20130206041625.gif "usdjpy")
USD/JPY continues to push higher, off a rising trendline that can be drawn in the 1H chart. The next key level to the upside is the 2010-high around 94.95. At this point, only a break below the 92.00 should bring up any consideration of a correction. With BoJ Gov. Shirakawa stepping down earlier, many expect the BoJ to plan additional stimulus sooner.
Support Levels 91.63 91.16 90.39
Resistance Levels 92.87 93.64 94.11
AUD/USD Current price: 1.0354
View Live Chart for the AUD/USD (Select the currency)_20130206041736.gif "aud")
The Reserve bank of Australia held its official cash rate at 3.0%, and sounded dovish as it had been before. The AUD/USD fell from recent range resistance but failed to clear the recent range support, so it remains directionless with some bearish bias from the prevailing down swing. A break above or below the 1.0357-1.0457 4-day range should give the AUD/USD some direction in the short-term.
Support Levels 1.0370 1.0319 1.0281
Resistance Levels 1.0459 1.0497 1.0548
New to Forex? Visit our Glossary!Today's new term, Oops! Pattern.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.