EUR/USD Current price: 1.2388
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The dollar opened the week slightly lower most rivals, with the EUR/USD still holding below the 1.2400 mark. Filling the small gap, the hourly chart shows indicators flat in overbought territory, slightly exhausted to the upside after optimism resurged past Friday: talks about more leverage for EFSF, and better than expected job creations in the US kept the greenback under pressure. While the Euro is seeing some advance lately, short covering seems the more likely reason rather than self strength, with immediate resistance now around the 1.2420 price zone: if above, the rally may extend near 1.2500 today. To the downside, 1.2330/40 area is now key support, as the level has capped the upside most of past July, so only below this area, the selling pressure will be enough to push the pair lower, while buying interest around the area in case of retracements, will point for the bullish extension commented above.
Support levels: 1.2335 1.2300 1.2280
Resistance levels: 1.2420 1.2455 1.2490
GBP/USD Current price: 1.5632
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Pound opened to the downside against the dollar, although the pair already filled the opening gap. Among high yielders, the GBP is still the weaker, rising only on dollar general weakness runs, yet range bound most of the time. The hourly chart for the GBP/USD shows the pair unable to break above 1.5660 immediate resistance area, with indicators heading higher after a limited correction and 20 SMA strongly bullish below current price. In the 4 hours chart, price holds above 200 EMA, which offers dynamic support around 1.5600 at the time being, while indicators lost upward potential and hold below their midlines. While below 1.5660, the downside is favored with a break below 1.5590 probably triggering a more interesting selling rally.
Support levels: 1.5590 1.5550 1.5520
Resistance levels: 1.5660 1.5690 1.5730
USD/JPY Current price: 78.55
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The USD/JPY trades in a quite limited range, having managed to set it a few pips above previous one, yet showing no aims to move far at the time being. In the hourly chart, price is back above 100 and 200 SMA, while indicators turned flat near overbought levels, showing the upward potential limited in the short term. As price retreats from daily high, the 4 hours chart shows indicators heading south above their midlines, while price struggles around a bearish 100 SMA, which maintains the overall bearish pressure intact.
Support levels: 78.50 78.30 78.10
Resistance levels: 78.75 79.00 79.20
AUD/USD: Current price: 1.0572
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Australian dollar bullish tone remains intact, having broke above the 1.0550 mark against the greenback. Ahead of tomorrow’s RBA meeting, the hourly chart for the pair shows a strong bullish tone, with indicators still heading north despite in overbought levels, and 20 SMA heading up below current price. In the 4 hours chart, the technical reading are also bullish, with indicators heading north above their midlines, and price back above 20 SMA, that slowly turns back higher. While corrections could be seen, if the pair losses the 1.0510 support level, there is still scope for a run towards 1.0660 in the short term.
Support levels: 1.0550 1.0510 1.0480
Resistance levels: 1.0575 1.0610 1.0660
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