EUR/USD: There is room to fall toward 1.3270

Currency Majors Technical Perspective

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

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

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

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

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

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

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

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Published On Sun, Feb 10 2013, 23:42 GMT Previous entries

Fan Yang, CMT

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I am a Chartered Market Technician, which is a designation for technical analysts. This means I base my analysis mainly on looking at charts and using technical indicators to help me assess the markets.

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