EUR/USD starting to set up a 1.3430

Currency Majors Technical Perspective

EUR/USD Current price: 1.3400

After a slide from the 1.37 level, EUR/USD is starting to set up a range between 1.3430 adn 1.3350 to start the week. A break above is not indicative of a bullish continuation until at least a push above 1.35. Otherwise, there is a 4H falling channel, and further room to fall before testing the 1.3255 low from a previous consolidation range.

Support Levels: 1.3292 1.3324 1.3362

Resistance Levels: 1.3432 1.3464 1.3502

GBP/USD Current price: 1.5659

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

GBP/USD maintains its bearish outlook though it has been choppier since late January. 2/11 price action was a strong bearish candle, and if it clears below the 1.5620 low, it continues the outlook toward the 1.55 level, near 78.6% retracement and some common lows from June-July 2012 consolidation.

Support Levels: 1.5432 1.5538 1.5596

Resistance Levels: 1.5760 1.5866 1.5924

USD/JPY Current price: 94.22

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

The USD/JPY pushed above 94.00 and continues the bullish trend after another brief consolidation that failed to push below 92.00. At this point a slide below 92.00 will be needed to signal any topping for bearish correciton. Otherwise, the 95.00 handle is the next target, which is also the 2012 high.

Support Levels: 90.93 91.69 92.93

Resistance Levels: 94.93 95.69 96.93

AUD/USD: Current price: 1.0269

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

The AUD/USD shows bearish control as Friday's(2/8) bullish outside bar failed to extend higher to start this week. Instead, we started with a new low, continuing focus on the 1.0150-1.0165 support of a large range that has been holding price since July 2012.

Support Levels: 1.0155 1.0201 1.0230

Resistance Levels: 1.0305 1.0351 1.0380

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Published On Tue, Feb 12 2013, 02:27 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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