EUR/USD Current price: 1.2581
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The EUR/USD opened the week where it left past Friday, holding to bullish tone from past weeks. Price stands firm above 1.2560 now immediate short term support, with the hourly chart showing indicators aiming back higher after the slide from the 1.2630 area, past week high. The strong static resistance level, as per past January monthly low and several daily highs and lows, is the level to overcome to confirm a stronger upward tone; with the ECB later this week, and US Payrolls to give more clues on what may happen with QE3, market players will likely remain cautious. The bullish upward bias will remain in place as long as price holds above the 1.2485 area, now key support.
Support levels: 1.2550 1.2520 1.2484
Resistance levels: 1.2590 1.2630 1.2680
GBP/USD Current price: 1.5879
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The GBP/USD stands near past Friday high set at 1.5894, with the hourly chart showing indicators exhausted in overbought territory, while price develops above a flat 20 SMA. Consolidating above 1.5840, the pair has tested and so far failed to overcome 1.5920, which stands for the 61.8% retracement of the latest daily bearish run. A clear break of the level, should give the pair scope to continue advancing, targeting then the 1.6060 price zone. To the downside, 1.5740/70 remains as key support area, and buyers will only hesitate if price falls below.
Support levels: 1.5850 1.5820 1.5790
Resistance levels: 1.5920 1.5960 1.6000
USD/JPY Current price: 78.31
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The USD/JPY trades near the base of its latest range, pressured by dollar weakness. The hourly chart shows indicators flat in neutral territory, giving no much clues on direction, although price develops below moving averages, which supports the downside. In the 4 hours chart the bearish tone is stronger, with indicators heading south below their midlines, and supporting at least a test of the 77.90 support.
Support levels: 78.10 77.90 77.65
Resistance levels: 78.45 78.80 79.05
AUD/USD: Current price: 1.0293
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The AUD/USD opened lower, pressure by worse than expected Chinese data published over the weekend. The hourly chart shows indicators heading south below their midlines, with 20 SMA still above current price, and an unfilled gapped around 1.0320. In the 4 hours chart, the picture is also bearish, with price below a strongly bearish 20 SMA and indicators heading south in negative territory. As long as below 1.0340, immediate resistance area, the downside is favored towards 1.0220/30, where the pair hast the 38.2% retracement of its latest daily run.
Support levels: 1.0270 1.0225 1.0190
Resistance levels: 1.0340 1.0370 1.0410
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