EUR/USD Current price: 1.3367
EUR/USD closed on Friday above 50% retracement of January's rally and will start this week near the high of the consolidation between 1/13 and 1/24. There is room to fall toward 1.3270, which is likely reinforced by a rising trendline going back to Nov. 2012. A rally above 1.35 will be likely neutralize the recently short-term bearish trend, but a return above 1.36 is likely needed before consideration of a bullish outlook.
Support Levels: 1.3259 1.3306 1.3335
Resistance Levels: 1.3411 1.3458 1.3487
GBP/USD Current price: 1.5798
Friday's (2/8) price action returned above the week's high, but the overall trend remains bearish for 2013. A return above 1.59 is needed to provide a short-term bullish outlook. Otherwise, the next support is likely near 1.55, 78.6% retracement and lows from June-July 2012 consolidation.
Support Levels: 1.5577 1.5641 1.5716
Resistance Levels: 1.5855 1.5919 1.5994
USD/JPY Current price: 92.54
USD/JPY remains bullish, but retreated on Friday (2/8) from the 94.00 handle. A rally above this level should give new life to the bullish outlook while a slide below 92.00 will be needed to open up some further bearish correction scenario with a key support/resistance pivot in the 90.25-30 area.
Support Levels: 90.44 91.30 91.99
Resistance Levels: 93.54 94.40 95.09
AUD/USD: Current price: 1.0321
AUD/USD closed on Friday(2/8) with an outside bar and a test of the previous support pivot of 1.0340 as resistance. It closed at 1.0313, below this pivot. To start this week, a return back above 1.0350 calls for some very short-term bullish outlook, but a return above 1.0475-80 pivot area will be needed to give the AUD/USD a bullish outlook toward the 1.06 handle and range high (range since mid-2012). Under 1.0350, the market still has room toward the bottom of the noted range with support in the 1.0150-1.1065 area.
Support Levels: 1.0175 1.0215 1.0268
Resistance Levels: 1.0361 1.0401 1.0454