Currency Majors Technical Perspective

EUR/USD Current price: 1.2890

Euro extended its gains past Friday, favored by better than expected US employment data that triggered a strong risk appetite rally: creation of 67K new jobs in the private sector left the overall number in a -51K, with EUR/USD gaining and holding in current price zone. Asian opening shows euro remains strong, thus hourly RSI remains on overbought territory, as well as 4 hours ones, keeping the upside limited before some bearish corrective movement develops.

Watch for a corrective movement towards 1.2860 support first, and even towards 1.2830/20 zone, before a new leg up; as long as above mentioned level, the bullish trend remains intact. If pair manages to accelerate above 1.2910 immediate resistance area, rally could extend towards 1.2950 price zone before extreme readings could trigger mentioned correction.

Support levels: 1.2860 1.2830 1.2800

Resistance levels: 1.2910 1.2950 1.2985

GBP/USD Current price: 1.5447

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Pound has remained limited by 1.5470 static resistance zone, despite surge in other risk assets; holding a slightly bullish tone in the hourly chart as above 20 SMA and approaching back to mentioned level, hourly indicators are losing momentum despite still above their midlines; key support lies around static 1.5420 area, also mentioned MA. Under this last, price would likely extend towards 1.5370 first, and even lower later, as 4 hours indicators support the bias.

Support levels: 1.5420 1.5370 1.5320

Resistance levels: 1.5470 1.5520 1.5560

USD/JPY Current price: 84.43

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Japanese yen regained the lost ground as quickly as it lost it past Friday, holding the general strength the currency has had for the past few months. Consolidating in a tight range in between 84.00 and 84.60, pair has little support to the upside, while BOJ meeting starting today and lasting 2 days could keep the pair limited as cautious investors will hold back waiting for the outcome.

Hourly indicators look slightly bullish right now, thus only above mentioned 84.60, pair could retest 85.10 resistance area; further gains are not yet seen, yet if investors jump on EUR/JPY, pair could be benefited for the action and extend towards 85.40 zone.

Support levels: 84.10 83.60 83.35

Resistance levels: 84.60 84.90 85.10

AUD/USD Current price: 0.9154

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Australian dollar was largely benefited by increasing risk appetite, setting a fresh 3-week high around 0.9175 past Friday, and consolidating near that level, supported by 0.9140 zone; overbought in 4 hours charts, only an acceleration under that level could favor a deeper corrective movement towards 0.9100 zone, where 20 SMA in the hourly chart, should offer first support. If local share markets however managed to post gains, pair could extend gains above 0.9200 resistance zone, towards 0.9240 probable top for this session.

Support levels: 0.9140 0.9100 0.9070

Resistance levels: 0.9175 0.9200 0.9240