EUR/USD maintains overall bullish trend

Currency Majors Technical Perspective

EUR/USD Current price: 1.3580

The sell-off to start the week found support at 1.3456 and posted gains in the European session. This maintains the overall bullish trend. There does seem to be a bit of the bullish momentum returning. A break above 1.3710 can open up the bullish continuation outlook, with 1.3830-35 as the next possible resistance (61.8% retracement of the 2011-2012 bear run, and a previous support pivot from July 2011).

Support Levels 1.3447 1.3393 1.3289

Resistance Levels 1.3605 1.3709 1.3763

GBP/USD Current price: 1.5661

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

GBP/USD is breaking into new lows on the year. Next key support/retracement level may be in the 1.5495-1.55 area (78.6% retracement of the May through Dec 2012 bull run and near the lows of a consolidation period during June-July 2012.) At this point, the bearish outlook remains so, until a break at least above 1.58.

Support Levels 1.5701 1.5655 1.5619

Resistance Levels 1.5783 1.5819 1.5865

USD/JPY Current price: 93.75

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

USD/JPY continues to push higher, off a rising trendline that can be drawn in the 1H chart. The next key level to the upside is the 2010-high around 94.95. At this point, only a break below the 92.00 should bring up any consideration of a correction. With BoJ Gov. Shirakawa stepping down earlier, many expect the BoJ to plan additional stimulus sooner.

Support Levels 91.63 91.16 90.39

Resistance Levels 92.87 93.64 94.11

AUD/USD Current price: 1.0354

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

The Reserve bank of Australia held its official cash rate at 3.0%, and sounded dovish as it had been before. The AUD/USD fell from recent range resistance but failed to clear the recent range support, so it remains directionless with some bearish bias from the prevailing down swing. A break above or below the 1.0357-1.0457 4-day range should give the AUD/USD some direction in the short-term.

Support Levels 1.0370 1.0319 1.0281

Resistance Levels 1.0459 1.0497 1.0548

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Published On Wed, Feb 6 2013, 04:28 GMT Previous entries

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