EUR/USD Current price: 1.2655
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The EUR/USD starts the week right above New York close, with the greenback still under pressure after past Friday EU authorities pack to bailout banks directly. Risk appetite remains strong across the board, although weak New Zealand employment data is keeping local share markets under some pressure. The EUR/USD has set a short term range between 1.2640 and 1.2690 last US session, being the short term levels to follow once Nikkei opens; the hourly chart shows RSI flat in overbought levels while momentum aims back higher and 20 SMA holds its bullish slope below current price. In the 4 hours chart the bullish momentum remains strong, while 200 EMA lies around the base of the range, offering further support. The outlook is bullish as long as above 1.2570, with 1.2745 as probable bullish target if market mood remains high.
Support levels: 1.2640 1.2600 1.2570
Resistance levels: 1.2680 1.2710 1.2745
GBP/USD Current price: 1.5677
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While risk appetite also favored Pound, the UK currency remains more limited to the upside, as market prices in an extension in the assets purchase program later this week. The GBP/USD opened the week with a downside gap, still unfilled, while the hourly chart shows indicators still in positive territory and aiming higher, and price above a bullish 20 SMA. In the 4 hours chart price has accelerates lower, yet holding above 1.5660 immediate static support, while momentum aims higher above 100 and RSI remains flat around 70, suggesting showing no signs of easing yet. Below mentioned low the downside is exposed with 1.5620 as next support.
Support levels: 1.5660 1.5620 1.5580
Resistance levels: 1.5710 1.5735 1.5770
USD/JPY Current price: 79.87
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The USD/JPY regained some ground past Friday, still trading below the 80.10 static resistance level, and with the hourly chart showing a general positive tone, as price develops above its moving averages, and indicators head north above their midlines. In the 4 hours chart the picture is pretty much the same, although indicators lack strength as per turning flat right above their midlines. The big challenge from the pair, comes at 80.60, past May and June monthly high. A daily close above that area should open doors for further gains although another failure in the 80.30/80.60 price zone, should see price falling back near 79.00.
Support levels: 79.80 79.45 79.20
Resistance levels: 80.10 80.30 80.60
AUD/USD: Current price: 1.0244
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Aussie was among the biggest winners on European pack, with the AUD/USD breaking above 1.0220, 50% retracement of this year fall. The hourly chart shows price filling the opening gap as momentum heads north above 100 and RSI saturates in overbought territory. In bigger time frames the bullish momentum is firm, with indicators heading higher despite nearing overbought extremes. With the RBA probably staying on hold this week, investors may see deeps as buying opportunities; the bullish outlook will remain intact unless a daily close below 1.0070, 38.2% retracement of the same rally.
Support levels: 1.0220 1.0180 1.0130
Resistance levels: 1.0270 1.0300 1.0360
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