EUR/USD set for another move lower

Currency Majors Technical Perspective

EUR/USD Current price: 1.3033

Penetrating support at 1.3119, EURUSD price action looks set for another move lower towards subsequent support at 1.2998. Further penetration through the support barrier would prompt a test of 1.2892. Expect any retracement to be held at bay by the 1.3200 psychological figure.

Support Levels 1.2855 1.2951 1.3001

Resistance Levels 1.3147 1.3243 1.3293

GBP/USD Current price: 1.6075

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Violating support via the 1.6163, GBPUSD continues to remain bearishly tilted in the near term. As a result, support at 1.6018 is being eyed as the next viable support test. Any correction higher will be met with resistance at 1.6200.

Support Levels 1.5879 1.5986 1.6045

Resistance Levels 1.6211 1.6318 1.6377

USD/JPY Current price: 87.73

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A hanging man has emerged ahead of 88 handle resistance in USDJPY. The barrier should act as impetus for a move lower in the pair, towards initial support at 86.25.

Support Levels 86.23 86.50 86.85

Resistance Levels 87.47 87.74 88.09

AUD/USD Current price: 1.0437

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AUDUSD failed to close above 1.0500 round figure resistance, lending to the session’s decline. Additional declines are anticipated towards support via the 1.0403 figure, which is being reinforced by 1.0350 support.

Support Levels 1.0369 1.0415 1.0440

Resistance Levels 1.0511 1.0557 1.0582

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Published On Fri, Jan 4 2013, 03:52 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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