EURUSD prospects continue to remain bearish

Currency Majors Technical Perspective

EUR/USD Current price: 1.2376

Finding support via the 1.2331 figure, EURUSD prospects continue to remain bearish ahead of 1.2400 resistance. Failure to overtake the level would prompt a decline to initial support via 1.2300. Downside penetration of the round figure would only shift focus to subsequent support at 1.2238. Any upside momentum is contingent on a break of the 1.2441 high.

Support levels: 1.2320 1.2280 1.2250

Resistance levels: 1.2380 1.2410 1.2440

GBP/USD Current price: 1.5672

View Live Chart for the GBP/USD (Select the currency)

Rising for the third session in a row, GBPUSD momentum continues to feed off of 1.5600 support. The notion is boosting the price action’s push towards 1.5745 resistance in the near term. Any converse correction at the moment should be held at bay by the aforementioned round figure support.
Support levels: 1.5620 1.5590 1.5550

Resistance levels: 1.5685 1.5730 1.5770

USD/JPY Current price: 78.47

View Live Chart for the USD/JPY (select the currency)

USDJPY continues to trade in consolidation, supported by the 78.00 round figure barrier. Indications continue to remain bullish, nonetheless, as a MACD divergence has emerged to support an advance. A penetration above 78.68 resistance would spark an advance to 79.50.

Support levels: 78.30 78.10 77.90

Resistance levels: 78.50 78.80 79.15

AUD/USD: Current price: 1.0600

View Live Chart for the AUD/USD (select the currency)

AUDUSD has defied gravity and remained closer towards resistance at 1.0600, rather than 1.0400 support. Nonetheless, directional bias continues to remain bearish, with oscillator indications showing overbought conditions. A decline would seek out initial support at 1.0445. A converse upside penetration of the 1.0600 would bring about a 1.0655 test of resistance.

Support levels: 1.0530 1.0500 1.0470

Resistance levels: 1.0570 1.0605 1.0640

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Published On Thu, Aug 9 2012, 04:40 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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