EUR/USD: 1.3000 looming over short term

Currency Majors Technical Perspective

EUR/USD Current price: 1.2928

Resistance via the 1.3000 round figure is looming over short term EURUSD bullishness. The figure could keep any extended bullish momentum at bay, forcing a retest of the 1.2803 October 1st session low. A break above the 1.3000 would prompt a test of 1.3070 resistance.

Support levels: 1.2910 1.2875 1.2840

Resistance levels: 1.2945 1.2970 1.3000

GBP/USD Current price: 1.6045

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

Finding support via the 1.5975 figure, GBPUSD has now formed a morning star pattern. However, resistance at 1.6100 could keep any bullish advance at a minimum. Look for further consolidation with the aforementioned 1.5975 acting as near term support.

Support levels: 1.6000 1.5970 1.5940

Resistance levels: 1.6065 1.6090 1.6120

USD/JPY Current price: 78.38

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

Support at 78.18 helped in sparking a bounce in USDJPY. Resistance is now seen at 78.50, with a close above supportive of an advance to 79 handle resistance. Any downside violation would leave the 77.50 figure open for retest.

Support levels: 78.10 77.90 77.65

Resistance levels: 78.80 79.10 79.30

AUD/USD: Current price: 1.0261

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

Continuing higher for the fourth straight session, AUDUSD looks set for an extension higher to intermediate resistance via 1.0343 38.2% fib resistance. Any correction is likely to be held at bay by the 1.0200 psychological level.

Support levels: 1.0260 1.0220 1.0190

Resistance levels: 1.0300 1.0335 1.0380

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Published On Fri, Oct 12 2012, 04:45 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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