EUR/USD Current price: 1.3010
Uneventful Monday keeps EUR/USD holding near its recent highs around 1.3040, although the upside seems exhausted as indicators turn south and 20 SMA stands flat around 1.3000. A short term double roof stands at mentioned high with the neck line around 1.2965, and if below, then a correction towards 1.2880 key static support seems likely. In the 4 hours chart however, technical readings maintain a strong upward tone after correcting some of the extreme overbought readings, denying for now the downside. A break above 1.3040 exposes the 1.3110 area, 38.2% retracement of the latest daily fall.
Support levels: 1.2960 1.2920 1.2880
Resistance levels: 1.3040 1.3080 1.3110
GBP/USD Current price: 1.5306
Pound eases against the greenback from the daily high of 1.5362, with the hourly chart of the pair showing an increasing bearish tone, as indicators head south below their midlines and price develops below 20 SMA. In the 4 hours chart however momentum continues heading higher in positive territory, while 20 SMA approaches 200 EMA both around 1.5220 and acting as strong intraday support. Retracements up to this level won’t affect the bullish outlook of the pair, yet once above risk turns to the downside.
Support levels: 1.5290 1.5260 1.5220
Resistance levels: 1.5355 1.5390 1.5430
USD/JPY Current price: 98.47
The USD/JPY eases some after testing 99.00 level, mostly correcting the extreme overbought readings reached in the short term. Corrective movement can extend down to 97.50, past Friday New York close, although buyers remain in control and dips will be seen as buying opportunities. Bigger time frames also support the correction, as indicators turn lower from overbought levels also
Support levels: 98.10 97.80 97.50
Resistance levels: 98.80 99.10 99.45
AUD/USD: Current price: 1.0415
The AUD/USD trades back above the 1.0400 mark, having recovered above 1.0380 now again key support. The hourly chart shows 20 SMA around mentioned level gaining bullish slope while indicators turn lower still in positive territory. In the 4 hours chart 20 SMA is offering resistance around 1.0430 daily high, while indicators head north below their midlines: risk remains to the downside, with a break below 1.0380 required to confirm it, as long as 1.0430/40 attracts sellers.
Support levels: 1.0380 1.0330 1.0290
Resistance levels: 1.0440 1.0470 1.0500
New to Forex? Visit our Glossary!