EUR/USD Current price: 1.2985
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Europeans said no to austerity, as Hollande defeated Sarkozy in France, while Greece coalition government has now to face a strong opposition in Parliament, as anti-austerity party become the second largest bloc. The Euro is under strong selling pressure across the board, with the EUR/USD gapping as low as 1.3012 at the opening, and breaking below 1.3000 with strong bearish tone according to the hourly chart that shows indicators in extreme oversold levels, and price accelerating. In bigger time frames, the bearish tone is also strong as indicators head south below their midlines: expect a good round of stops to be triggered if price breaks below 1.2970 past February low and immediate support.
Support levels: 1.2970 1.2930 1.2890
Resistance levels: 1.3030 1.3060 1.3100
GBP/USD Current price: 1.6124
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Pound already filled the small opening gap, breaking lower on EUR/USD breach of the 1.3000 key support. The hourly chart shows price nearing 1.6115, 38.2% retracement of the latest bullish run while 20 SMA crosses 200 EMA to the downside, suggesting more slides ahead. Indicators aim higher below their midlines, not reflecting the latest slide, while in the 4 hours chart the pair is also bearish, with 20 SMA capping the upside around 1.6200.
Support levels: 1.6115 1.6080 1.6035
Resistance levels: 1.6150 1.6185 1.6220
USD/JPY Current price: 79.70
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Risk aversion favors yen gains since last Friday US NFP data, with the USD/JPY quickly approaching 79.45 area, past week low. The hourly chart shows indicators heading lower below their midlines, and 20 SMA crossing 100 SMA, which points for a bearish continuation. In the 4 hours chart the outlook is also bearish with 20 SMA standing along with a Fibonacci retracement around 80.10, strong resistance in case of recoveries.
Support levels: 79.45 79.10 78.75
Resistance levels: 79.80 80.10 80.30
AUD/USD Current price: 1.0130
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Australian dollar bleeding extends this Monday, as the AUD/USD falls to fresh yearly lows. The hourly chart shows the pair failed to fill the opening gap, and seems unlikely it will do anytime soon, as indicators and moving averages, continue heading lower, while risk sentiment will help keep the upside limited. In the 4 hours chart the pair is also biased lower, with indicators heading south in oversold levels with no signs of changing bias in the short term.
Support levels: 1.0100 1.0060 1.0025
Resistance levels: 1.0140 1.090 1.0225
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