EUR/USD potential for a near term retest of 1.3400

Currency Majors Technical Perspective

EUR/USD Current price: 1.3312

EURUSD stalled on the session above support via the 1.3300 psychological figure. As a result, the current setup is indicative of further consolidation in the single currency, with potential for a near term retest of 1.3400.

Support Levels 1.3296 1.3280 1.3262

Resistance Levels 1.3330 1.3348 1.3364

GBP/USD Current price: 1.5837

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GBPUSD extended through the downside break of 1.5900, now testing support via the 1.5800 psychological figure. Any retracement off of the round figure should prompt a re-test of initial resistance at 1.5925. Any further penetration lower would place the 1.5769 support into play.

Support Levels 1.5790 1.5753 1.5700

Resistance Levels 1.5880 1.5933 1.5970

USD/JPY Current price: 89.38

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Falling from the 90 handle resistance barrier, USDJPY has set itself up for a potential leg lower – especially with a close below the 89.62 low on Friday. Initial support is being eyed at 88.92, with subsequent barriers likely via the 88.00 handle.

Support Levels 89.25 88.83 88.32

Resistance Levels 90.18 90.68 91.10

AUD/USD Current price: 1.0520

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Finding temporary support via the 1.0491 figure, AUDUSD downside has been suspended for now. Any extension lower will require a downside break of the aforementioned barrier. For now, expect further consolidation of the pair.

Support Levels 1.0497 1.0478 1.0463

Resistance Levels 1.0531 1.0546 1.0565

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Published On Tue, Jan 22 2013, 02:38 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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