EUR/USD: Potential upside looms ...

Currency Majors Technical Perspective

EUR/USD Current price: 1.2125

Potential upside looms for the single currency, with the technical outlook now showing a doji candlestick formation in the daily time frame. Should price action close above the 1.2144 session high, it would confirm a morning star formation – bullish indicative. Stochastic oscillator is supportive of the upside notion, remaining in oversold territory.

Support levels: 1.2065 1.2040 1.2010

Resistance levels: 1.2135 1.2165 1.2200

GBP/USD Current price: 1.5519

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Plummeting through 1.5600, GBPUSD is beginning to lose a bit of momentum ahead of 1.5447 support. The figure is being supported by the 1.5268-1.5392 ascending support trendline and would prove to be temporary in the face of a more longer term bearish outlook. Any short term correction is likely to be held at bay by the 1.5634 figure.

Support levels: 1.5485 1.5440 1.5390

Resistance levels: 1.5530 1.5550 1.5585

USD/JPY Current price: 78.20

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USDJPY tested support circa the 77.94 support figure, instead closing higher and currently showing a doji candlestick formation. Any positive retracement at this point would require a session close above the 78.52 session high in the next 24 hours. Conversely, a close below the 77.93 session low would support an extension of the bearish trend, towards support at 77.65.

Support levels: 78.10 77.90 77.65

Resistance levels: 78.40 78.80 79.00

AUD/USD: Current price: 1.0280

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Technical indications are now neutral, with the Australian dollar now finding support via the 1.0250 figure. The barrier is being reinforced by the 0.9580-1.0099 ascending support trendline. Any penetration below the figure would open scope for an advance on the 1.0099 July 12th session low. Conversely, any retracement would likely seek out the 1.0400 resistance barrier.

Support levels: 1.0240 1.0220 1.0170

Resistance levels: 1.0280 1.0310 1.0340

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Published On Tue, Jul 24 2012, 04:28 GMT Previous entries

Richard C. Lee

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Richard Lee is currently a contributing analyst for FXStreet.com. Previously, Richard was a senior FX analyst for DailyFX.com and featured on Yahoo! Finance and Bloomberg. He draws from more than a decade of financial experience in several different asset classes - with emphasis in foreign exchange and equities.

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