EUR/USD Current price: 1.3052
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The EUR/USD advanced to 1.3075 this Monday, closing the day above 1.3050 and developing inside an ascendant channel, clear in the hourly chart. A bad day for greenback, as ISM Manufacturing PMI surprised to the downside printing 52.5 from a 55.00 past month: stocks nose dive, and commodity currencies followed, yet European ones surged on US weakness. The EUR/USD enters Asian session with the daily chart holding the bullish tone, as per printing higher highs and higher lows since mid past week. Regardless the fundamental situation, there are no signs yet of a reversal or a top finally been reached in the pair, but even short term charts suggest more gains are yet to come: in the hourly price stands above 20 SMA while indicators turned hold in positive territory. The base of the ascendant channel comes around 1.3030, and as long as above that level, bulls will lead the way.
Support levels: 1.3030 1.3000 1.2970
Resistance levels: 1.3080 1.3110 1.3145
GBP/USD Current price: 1.6086
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The GBP/USD tested 1.6115 early US session, breaking and holding above the long term daily descendant channel coming from 1.6308 this year high. The hourly chart, shows indicators exhausted to the upside and turning lower, advancing some downward corrective movement that should find support around 1.6065 so as to keep the bullish trend alive. In the 4 hours chart technical readings present a strong upward momentum, supporting the shorter term view: a break above 1.6120 resistance, should open doors for a retest of 1.6170 November monthly high.
Support levels: 1.6065 1.6040 1.6010
Resistance levels: 1.6120 1.6170 1.6210
USD/JPY Current price: 82.22
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The USD/JPY looks heavy, with price again falling briefly below the 82.00 mark intraday. Failure to overcome 82.80 past Friday has let the pair with a double roof around the area, which may advance a deeper downward correction on the days to come: the neckline of the figure, comes at 81.67, past week low and a break below that level, may see the pair returning near 80.80 strong static support zone. In the hourly chart, price struggles around flat moving averages, while indicators hold below their midlines, showing no actual strength either side of the board. Still, as long as below 82.30, the downside is favored in the short term.
Support levels: 81.80 81.50 81.10
Resistance levels: 82.30 82.60 82.85
AUD/USD: Current price: 1.0418
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Aussie remained subdue this Monday, as market waits for RBA monetary policy decision, in about 3 hours. The Central Bank is largely expected to cut rates down to 3.00%, from current 3.25%, and a stand on hold decision will likely surprise market players and send the pair above the 1.0500 mark. The hourly chart shows price around a flat 20 SMA and indicators in neutral territory and an overall short term bearish tone, yet unless below 1.0370, the downside seems pretty much limited for now.
Support levels: 1.0400 1.0370 1.0330
Resistance levels: 1.0435 1.0480 1.0510
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