EUR/USD Current price: 1.3367
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Starting the week pretty much unchanged from Friday close, the EUR/USD trades near past week low of 1.3353 with the hourly chart showing not much aims of recovering at the time being: indicators stand flat below their midlines while price holds below 20 SMA. In the 4 hours chart the bearish tone is also present, with 20 SMA heading south around 1.3470 and indicators barely correcting extreme oversold readings. While the fall has been quite strong over the past few days, there are no technical signs a bottom and reversal are in place; there is a daily ascendant trend line coming from 1.2660 past November low, currently around 1.3250 area, so that’s the level to watch to confirm further EUR/USD losses. The downside however, will remain favored as long as price stands below 1.3485 static resistance level.
Support levels: 1.3335 1.3300 1.3250
Resistance levels: 1.3390 1.3440 1.3485
GBP/USD Current price: 1.5790
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GBP surged these days, more on EUR/GBP profit taking than self strength. Unable to clearly stand above 1.5800, the pair is still short term bullish, as price finds support in a bullish 20 SMA while indicators head north above their midlines. However, a acceleration below 1.5770 immediate support will open doors for intraday falls, as 4 hours chart shows a quite similar picture although 200 EMA stand around 1.5890: as long as below that level, the downside will be favored. A daily ascendant trend line coming from 1.3502 2009 historical low, held the downside last week; the line converges now with the lows around 1.5620 and that’s the key level to watch this week, as once below, the slide may easily extend to 1.5200 over the upcoming days.
Support levels: 1.5770 1.5740 1.5700
Resistance levels: 1.5820 1.5870 1.5910
USD/JPY Current price: 92.49
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The USD/JPY continues giving up ground after reaching 94.00 past week. Comments from Japanese authorities that current weakness is beyond initial expectations, may kick start a deeper corrective movement in the pair, that added almost 2000 pips in a few months. The hourly chart shows price still finding support around its 200 SMA, around 92.35, while indicators stand in negative territory, although with no bearish strength. In the 4 hours chart the dominant bullish trend remains in place and current bearish movement seems mostly corrective. However, expect the downside to extend if price losses the 92.00 area, at least in the short term.
Support levels: 92.35 92.00 91.60
Resistance levels: 92.90 93.25 93.60
AUD/USD: Current price: 1.0309
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The AUD/USD maintains a weak stance, hovering around 1.0300, and having been as low as 1.0254 last week. The hourly chart shows price below its 20 SMA while indicators stand around their midlines, slowly gaining bearish tone yet still in neutral territory. In the 4 hours chart bearish potential is stronger with price capped below 20 SMA right above current price. The 1.0260 area is a quite strong static support, so renewed selling pressure below that level, should expose the downside even further, with parity then at sight.
Support levels: 1.0300 1.0260 1.0220
Resistance levels: 1.0330 1.0370 1.0410
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