Currency Majors Technical Perspective

AUD/USD: A decline seeking out support at 1.0445 expected

Fri, Aug 10 2012, 05:08 GMT
by Richard C. Lee | FXstreet.com

EUR/USD Current price: 1.2280

Extending lower on the failure to overtake the 1.2417 resistance, EURUSD has declined to close below the 1.2325 support figure. As a result, a further push to subsequent support via the 1.2166 July 12th session low can be expected. Any positive correction is likely to be held back by the 1.2417.

Support levels: 1.2280 1.2250 1.2220

Resistance levels: 1.2335 1.2380 1.2410

GBP/USD Current price: 1.5619

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

Neutral market signals continue to permeate for the pound sterling. Price action continues to remain in a rangebound scenario, contained by topside resistance at 1.5750 and bottomside support of 1.5500. A break above/below is required before further directional bias can be established.

Support levels: 1.5595 1.5550 1.5515

Resistance levels: 1.5660 1.5685 1.5730

USD/JPY Current price: 78.59

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: 78.80 79.15 79.40

AUD/USD: Current price: 1.0520

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

AUDUSD prospects remain bearish as the price action has formed the fourth doji candlestick pattern just below the formidable 1.0600 round figure resistance. 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: 1.0560 1.0530 1.0500

Resistance levels: 1.0580 1.0610 1.0640

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Published On Fri, Aug 10 2012, 05:18 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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