EUR/USD Current price: 1.3277
The EUR/USD failed to hold a break above 1.34 during the 2/20 session, and instead fell sharply back through the 1.33 support. It is now pressuring toward the 1.3255 support of a previous consolidation in January, but more importantly a rising trendline that goes back to the July low where the current bull trend started. Breaking below 1.3150-1.3170 area might be needed to clear support factors and confirm a reversal into a bearish trend. At the moment, a pullback should not push above 1.3350 if the bearish outlook is to sustain.
Support Levels: 1.3053 1.3161 1.3216
Resistance Levels: 1.3379 1.3487 1.3542
GBP/USD Current price: 1.5234
GBP/USD accelerated after the BoE meeting minutes and then further after the FOMC meeting minutes. The sharp slide during the 2/20 session broke through key support that went down to 1.5230. This breaks a range that has been formed since 2010. This major break opens up the 1.50 psychological handle, as well as the 1.4227, 2010-low. A pullback might have trouble around the 1.5280-1.5315 area. Above that we are likely to get some consolidation before the market confirms the current bearish break.
Support Levels: 1.4866 1.5028 1.5126
Resistance Levels: 1.5386 1.5548 1.5646
USD/JPY Current price: 93.67
USD/JPY traded tightly again. There is not much to add here, so as noted in the previous report, the bullish trend seems to be tapering off, although the focus remains on the 95.00 handle, 2010-high. A break below 92.00 remains the threshold before top is formed to suggest a bearish correction.
Support Levels: 92.27 92.69 93.18
Resistance Levels: 94.09 94.51 95.00
AUD/USD: Current price: 1.0249
The AUD/USD is retaining its bearish outlook after a failure to push above the 1.0374 resistance pivot. Instead, it is now pressuring the previous low at 1.0226. A break below this continues the bearish outlook toward the 1.0150-1.0165 support area. A rally back above 1.03 however would be a sign of further sideways consolidation action.
Support Levels: 1.0069 1.0152 1.0199
Resistance Levels: 1.0329 1.0412 1.0459