EUR/USD forms bearishly indicative pattern

Currency Majors Technical Perspective

EUR/USD Current price: 1.3070

Failing off of the 1.3100 round figure resistance, EURUSD has confirmed the previous notion of an evening star formation. The pattern, bearishly indicative, is likely to force a test of the 1.2994 April 16th session low. Penetration lower through the level will force a 1.2902 support test.

Support levels: 1.3035 1.3000 1.2970

Resistance levels: 1.3080 1.3110 1.3140

GBP/USD Current price: 1.6245

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GBPUSD has stalled ahead of 1.6300 resistance – as price action produces a doji star candlestick. Combined with oscillator signals that remain overbought, the formation could act as an impetus for a 1.6124 support test. The notion is dependent on a breach of the 1.6200 round figure barrier.

Support levels: 1.6210 1.6160 1.6120

Resistance levels: 1.6265 1.6300 1.6340

AUD/USD: Current price: 1.0460

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

Continuing lower towards 1.0400 support, AUDUSD remains weak and bearish. A downside penetration of the figure would prompt a decline towards subsequent support via the 1.0328 figure. Any near term retracement will see formidable resistance at 1.05575.

Support levels: 1.0410 1.0380 1.0350

Resistance levels: 1.0470 1.0500 1.0535

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Published On Wed, Sep 19 2012, 04:59 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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