EUR/USD Current price: 1.3465
View Live Chart for the EUR/USDThe EUR/USD opened the week firmly trading around Friday’s close, maintaining the bullish bias set after the break above 1.3400. With not much news schedule for Asia, the pair will likely trade in between the 1.3400/1.3485 area this Monday. 1.3485 past 2012 yearly high, continues to be the level to break to confirm an upward extension in the pair, that may reach the 1.3600 area later this week. In the short term, the hourly chart shows price well above a strongly bullish 20 SMA, while momentum losses upward potential and RSI stands near overbought levels, which suggest some short term bearish corrective movement may come first: 1.3450 comes as immediate support and if below, the downside is expose up to the 1.3380 area, without really harming current bullish trend. An acceleration above 1.3485 on the other hand, will deny such possibility, and see another strong spike higher as stops got boosted.
Support levels: 1.3450 1.3420 1.3380
Resistance levels: 1.3485 1.3510 1.3545
GBP/USD Current price: 1.5764
View Live Chart for the GBP/USD (select the currency)The GBP/USD gapped lower at the opening, near 1.5744 past week low and the lowest level since August last year, as market continues to fear a triple-dip recession in the UK. Future BOE governor Mark Carney triggered the alarm at the ongoing Forum in Davos, stating that central banks should be ready to take aggressive measures to help economies recover. As for short term technical readings, the pair starts the week with a clear bearish tone in the hourly chart, although price may attempt to fill the gap and near 1.5800 before resuming the downside. If price tests the 1.5800/20 area yet quickly retraces back, chances of a break below 1.5740 and further fall increases, with 1.5660 then at sight for today.
Support levels: 1.5740 1.5700 1.5660
Resistance levels: 1.5810 1.5850 1.5885
USD/JPY Current price: 91.07
View Live Chart for the USD/JPY (select the currency)The USD/JPY trades steady around 91.00, with the hourly chart showing indicators heading back north in positive territory, after erasing overbought readings. Overall, and despite the extreme readings in bigger time frames (weekly RSI stands above 85.00) there is nothing around to suggest a bearish move is nearby. Dips continue to be seen as buying opportunities, with 90.00/20 area now the level to watch. Steady gains above 91.20, should open doors for a test of 92.00 later today.
Support levels: 90.90 90.55 90.20
Resistance levels: 91.20 91.60 91.95
AUD/USD: Current price: 1.0415
View Live Chart for the AUD/USD (select the currency)Australian dollar remains weak against the greenback, as market prices in a rate cut in Australia for upcoming meeting early February. The pair still holds the 1.0400 level, although the bearish tone remains strong according to the hourly chart that shows price below 20 SM and indicators heading lower in negative territory. In the 4 hours chart indicators hold in oversold territory, with little aims to go higher at the time being: price needs at least to recover the 1.0450 level to erase the bearish tone, while once below 1.0390, the downside will be exposed up to 1.0300 area.
Support levels: 1.0390 1.0345 1.0300
Resistance levels: 1.0450 1.0490 1.0520
New to Forex? Visit our Glossary!
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.