EUR/USD Current price: 1.3206
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Ahead of EU finance ministers decision whether to give Greece a €130-billion bailout and avoid a potentially devastating default, next European session, the EUR/USD opened the week higher, gapping from past Friday New York close. The deal for a second massive bailout has suffered weeks of delay, triggering rises more on short covering than on faith over a fast solution. Technically speaking, the hourly chart shows an increasing bullish momentum with indicators heading higher above their midlines, and price above moving averages, still flat. Pair may attempt to test the 1.3320 area, past February 9th later on the day, if optimism gains trading desks amid a Greek solution. In the 4 hours chart the pair is also biased higher having already set a 4th day high, with 1.3215 as immediate resistance area.
Support levels: 1.3180 1.3140 1.3100
Resistance levels: 1.3215 1.3245 1.3290
GBP/USD Current price: 1.5875
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Pound was boosted past Friday on better than expected Retail Sales in the UK, breaking higher and setting a fresh weekly high above 1.5800 against the greenback where it holds. The weekly opening is seeing more buying interest in the GBP/USD, with price gapping higher and hourly chart showing technical indicators bullish, with price having been unable to clearly break below 20 SMA. In the 4 hours chart, pair is also strongly bullish according to technical studies, as momentum and RSI head north above their midlines, with the 1.5920/30 area as next strong resistance area to overcome ahead of key 1.6000 level.
Support levels: 1.5845 1.5810 1.5770
Resistance levels: 1.5885 15930 1.5970
USD/JPY Current price: 79.87
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The USD/JPY quotes at a fresh 7-month high gapping also higher. The hourly chart shows a strong bullish momentum that supports a test of 80.00, strong psychological level along with 20 DMA. The Japanese currency losses ground against most rivals, and strong selling pressure continues giving up, pointing for a break higher this week, despite the overbought readings in bigger time frames: the 4 hours chart shows RSI at 85, while momentum approaches 102.00. Despite these levels, there are no technical sign of reversal in the pair so far.
Support levels: 79.55 79.20 78.80
Resistance levels: 80.00 80.25 80.60
AUD/USD Current price: 1.0795
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Australian dollar is strongly up nearing 1.0800 against the greenback, on news China’s central bank cut the amount of cash banks must hold in reserves on Saturday, boosting lending capacity by an estimated 350-400 billion in an attempt to fight slowing growth. Stops may be triggered and produce a stronger bullish run once above 1.0810, while technical indicators in the hourly chart show price has plenty room to go, after recent ranges. Picture in the 4 hours chart is pretty much alike, suggesting an approach to the 1.1000 area later this week.
Support levels: 1.0770 1.0725 1.0690
Resistance levels: 1.0810 1.0850 1.0890
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