EUR/USD Current price: 1.3350
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The EUR/USD starts the week gaping slightly higher in early opening, maintaining the upward momentum in the midterm: the pair trades established above 1.3300, after several failed attempts, hovering around levels not seen since past April 2012. Turning to bigger pictures, the upward momentum is quite strong also, with 1.3485 as next possible target, 2012 yearly high. What’s most important, the level stands as the neckline of a weekly inverted H&S of @ 1450 pips: could then the pair break and continue towards 1.50? At the time being seems an unthinkable scenario, but worth’s keeping an eye on the level: if price manages this week to take over and stay above 1.3485, bulls will win a big, big battle.
For the short term an according to the hourly chart, the upside remains exposed after RSI bounced in its 70 level and heads back north, while 20 SMA contains the downside now around key 1.3300 area. Momentum also stands in positive territory also heading higher, while in the 4 hours chart indicators stand in overbought territory, unwilling to correct lower: 1.3370 area comes as immediate resistance, so once above, expect the upside to extend eyeing mentioned 1.3485.
Support levels: 1.3325 1.3290 1.3240
Resistance levels: 1.3370 1.3405 1.3450
GBP/USD Current price: 1.6129
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Pound lags against the greenback, as “triple recession†continues to sound loud for the UK. The GBP/USD, despite comfortable above 1.60, shows no intention on running higher, at least today: the hourly chart holds a bearish tone, as price stands around a bearish 20 SMA while indicators hold in negative territory. In the 4 hours chart technical picture is slightly more encouraging, with 20 SMA heading north and price bouncing from it. It currently stands around 1.6100, acting as short term support while indicators hold in positive territory. Either way, price is mostly range bound and the extremes to watch are 1.6170 to the upside, and 1.6065 to the downside: break of either will see some more interesting momentum in the pair.
Support levels: 1.6100 1.6065 1.6020
Resistance levels: 1.6170 1.6200 1.6240
USD/JPY Current price: 89.60
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Abe did it again: Japanese PM hit the wires calling for a “bold policy leader†as the next BOJ head, considering Masaaki Shirakawa’s term ends in April. The USD/JPY continues advancing, reaching a fresh multi-month high of 89.66 so far, and with the hourly chart showing indicators in positive territory, although with not enough upward momentum. However, this won’t halt price, and as long as above 89.30/40 area now, the upside is exposed up to key 90.00 area today. Bigger time frames are pointing for a continuation towards 92.50, next strong midterm resistance area.
Support levels: 89.35 89.00 88.70 8
Resistance levels: 89.65 90.00 90.30
AUD/USD: Current price: 1.0531
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The AUD/USD failed at 1.0600, and holds a limited short term bearish tone, as price fills the opening gap and approaches Friday low. The hourly chart shows 20 SMA heading lower above current price, while indicators head south in negative territory, advancing a deeper fall. In the 4 hours chart, technical readings also turn negative, yet only a break below 1.0490 will favor more intraday losses, towards the 1.0400/30 price zone.
Support levels: 1.0520 1.0490 1.0460
Resistance levels: 10550 1.0600 1.0660
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