EUR/USD Current price: 1.2930
Despite having bounce from a daily low of 1.2890, the EUR/USD risk remains to the downside: as expected, the pair found selling interest in the 1.2930/50 area, reaching and US session high of 1.2935. Standing right below in early Asian trading, the hourly chart shows the same heavy tone seen early Monday, with indicators below their midlines and price hovering around a bearish 20 SMA. A daily descendant trend line coming from 1.3170 highs lies today around 1.2980, acting now as limit for current bearish tone, as only above that level the pair may continue advancing. Bigger time frames are also looking bearish at the time being, although a break below 1.2880 is now needed to confirm more slides this Tuesday.
Support levels: 1.2880 1.2845 1.2820
Resistance levels: 1.2935 1.2960 1.2995
GBP/USD Current price: 1.6221
The GBP/USD continues hesitating around 1.6200, slowly turning lower after posting 1.6308 fresh yearly high past week. The hourly has turned pretty neutral as the pair bounced from 1.6180, with indicators also in neutral territory, a reflection of the lack of conviction among traders. However, the bullish tone seen over the past few weeks is giving no signs of exhaustion: 4 hours indicators head back north above their midlines, and as long as above 1.6160 past week high, the downside will remain limited.
Support levels: 1.6210 1.6180 1.6150
Resistance levels: 1.6260 1.6285 1.6310
USD/JPY Current price: 77.85
Japanese yen advanced across the board on Monday, leaving the USD/JPY below the 77.90 level now acting as short term resistance. For the short term, the hourly chart shows price in a tight 10 pips range, with RSI flat around 30 and momentum also flat below 100, with 100 and 200 SMA’s coming together around 78.20, immediate resistance in case of recoveries. However, there is no much signs of aiming higher, with buyers now aligned around 77.65, past June monthly low, and stops right below. In the 4 hours chart and due to the straight fall of the past 2 trading days the pair may have found a temporal bottom and attempt a correction higher, yet will face strong resistance at the SMA’s converging zone mentioned above. Price needs to stabilize above 78.45 to talk about further upside movements, not seen at the time being.
Support levels: 77.80 77.65 77.30
Resistance levels: 77.90 78.20 78.50
AUD/USD: Current price: 1.0424
Aussie saw a late recovery from 1.0392 low against the greenback, following US indexes that also bounced higher after trading in red most of the session. The pair however, was unable to reach the 1.0445 area, which stands for the 38.2% retracement of its latest bullish run, and the hourly chart maintains a heavy tone, with indicators turning flat around their midlines. In the 4 hours chart price stalled below 20 SMA which holds a bearish slope, while indicators also hovering around their midlines; overall, the upside seems limited as long as below mentioned resistance area, while selling interest may become stronger only below 1.0370 static support zone.
Support levels: 1.0410 1.0370 1.0330
Resistance levels: 1.0445 1.0480 1.0510
Today's new term is Kagi Chart.