EUR/USD Current price: 1.3205
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The EUR/USD gaps slightly higher with the market opening, pushed by EUR/JPY strong upward momentum, on Japanese news. The pair however, struggles to hold the 1.3200 level, and already filled the gap, which suggests not enough EUR self strength to sustain the move. Italian and Cyprus elections results will start slowly to come in, and there’s little both can do to boost EUR, while market attention is mostly focused in Pound and Yen weakness, the stars of current Asian session. As for the EUR/USD, the hourly chart shows a neutral stance with indicators flat around their midlines. In the 4 hours chart, technical readings corrected extreme oversold levels, although price remains limited to the upside, which suggest selling interest around remains strong. The pair offers little interest at this point, yet the downside remains favored, with a break below 1.3150 being understood as a downside continuation sign.
Support levels: 1.3150 1.3110 1.3080
Resistance levels: 1.3210 1.3245 1.3290
EUR/JPY Current price: 124.40
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Yen is strongly down across the board, on mews Japan's government is likely to nominate Asian Development Bank President Haruhiko Kuroda, who has called for pumping more money into the economy, as its next central bank governor. The EUR/JPY jumped near 125.00, already retracing gains. The pair has a daily descendant trend line coming from 127.69 this year high, around 125.40, so shorting against that level seems not a bad idea: 100 and 200 SMA’s in the hourly chart present a bearish tone, while price approaches to the lowest, currently around 124.20 and immediate support. Technical indicators strong upward momentum reflects the gap, but if price eases below that mark, could quickly reverse early gains, and filled the gap 100 pips below it. As for bigger time frames, the upside seems limited, supporting some downside move ahead, as long as mentioned trend line remains intact.
Support levels: 124.20 123.60 123.10
Resistance levels: 124.80 125.40 126.00
GBP/USD Current price: 1.5102
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Moody’s downgrade of UK Central Bank and government AAA rating last Friday, continues to weight on Pound, that nose dives across the board. The GBP/USD has been as low as 1.5070 already, now struggling around the 1.5100 mark. Past week low of 1.5130 comes as immediate resistance, and if the pair fails to overcome this level, the downside will likely resume, with a test of 1.5000 key psychological level at sight for today. The hourly chart shows a strong bearish momentum due to the opening gap, and the pair needs a couple hours to digest such movement and see indicators turning a bit more real over price action. In bigger time frames, the bearish momentum is also strong, with 20 SMA now capping the upside well above current price, all of which suggests bears will remain in control.
Support levels: 1.5070 1.5030 1.4980
Resistance levels: 1.5130 1.5180 1.5240
USD/JPY Current price: 94.17
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After gapping to fresh multi-year high, the USD/JPY eases still with a huge unfilled gap. The hourly chart shows indicators turning back south in positive territory, although the strong upward momentum triggered at the opening should be discarded for a couple hours more. In the 4 hours chart however, the bullish tone has gained momentum, and if price manages to stay above the 94.00 level, chances are of a positive continuation trough this Monday.
Support levels: 94.05 93.80 93.30
Resistance levels: 94.55 94.90 95.20
AUD/USD: Current price: 1.0298
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Aussie came under pressure against the greenback, with the pair trading now below the 1.0300 mark, and the hourly chart showing price below 20 SMA and indicators heading slightly lower below their midlines. In the 4 hours chart technical outlook is also bearish, yet only a break below 1.0260 will put the pair in the losing track. In the meantime, range up to 1.0370 seems the name of the game, with market attention somewhere else. Approaches to this last however, will be considered selling opportunities with tight stops right above 1.0410 level.
Support levels: 1.0260 1.0220 1.0180
Resistance levels: 1.0330 1.0370 1.0410
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