EUR/USD room to advance towards 1.3200

Currency Majors Technical Perspective

EUR/USD Current price: 1.3109

Continuing off of the bounce of 1.3040 support, EURUSD has room to advance towards 1.3200. Supportive of the notion is the close above the yesterday’s 1.3089 session high. Any retracement is likely to see stiff support at 1.3050.

Support Levels 1.2943 1.2980 1.3047

Resistance Levels 1.3151 1.3188 1.3255

GBP/USD Current price: 1.6105

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

Firmly establishing support via the 1.6065 figure, GBPUSD advanced and close above the 1.6100 psychological figure. The setup opens the door for a move to 1.6200, en route to a 1.6300 round figure test. Any converse retracement will be met by formidable support via the 1.6065 figure.

Support Levels 1.5952 1.5986 1.6051

Resistance Levels 1.6150 1.6184 1.6249

USD/JPY Current price: 87.42

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

Failing to close above 88.00 round figure resistance, USDJPY looks set for another leg lower amid fundamental drivers. As a result, a retracement to 86.75 support isn’t all too far from plausible. Upside momentum should be held at bay by 88.25.

Support Levels 86.70 87.16 87.46

Resistance Levels 88.21 88.67 88.97

AUD/USD Current price: 1.0490

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Stalling ahead of 1.0525 resistance, AUDUSD looks set to continue higher towards the resistance at 1.0560. The barrier is being reinforced by 1.0600 round figure resistance, which should act as a turning point for bulls. Near term downside remains minimized by the 1.0425 figure.

Support Levels 1.0421 1.0442 1.0473

Resistance Levels 1.0525 1.0546 1.0577

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Published On Tue, Jan 8 2013, 02:27 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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