EUR/USD: above 1.31 helps neutralize bearish outlook

Currency Majors Technical Perspective

EUR/USD Current price: 1.3053

The EUR/USD edged higher during the first half of the 3/5 session, but held at 1.3075 during the European session. During the US session, we saw some continuing pressure on 1.30 handle, but it held. A break below 1.30 clears an intra-week trendline and revives a bearish outlook toward the 1.2875 (50% retracement) level. Currently, a push above 1.31 will be needed to neutralize the bearish outlook, but a push above 1.33 to clear a falling trendline will be needed to revive the bullish outlook.

Support Levels: 1.2947, 1.2978, 1.3012
Resistance Levels: 1.3077, 1.3108, 1.3142

GBP/USD Current price: 1.5132

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

GBP/USD held under 1.52, pushed below 1.51, but closed the 3/5 session slightly above where it opened, around 1.5135. The overall trend remains bearish, but the bears seem to be losing steam after the ability to push above 1.5150. A push below 1.50 could continue the bearish outlook toward 1.4780-1.48. A push above 1.5220 could develop a short-term bottom and some bullish correction, first with the 1.5320 pivot in sight.

Support Levels: 1.4980, 1.5037 1.5085
Resistance Levels: 1.5190 1.5247 1.5295

USD/JPY Current price: 93.36

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

The edged lower, but held pushed back above 93.00 during the 3/5 US session. Bullish risk remains on the 95.00 handle, 2010 high. A break below 92.00 is needed to neutralize the bullish outlook, and suggest possible topping with the 90.28 pivot as the near-term target to the downside.

Support Levels: 92.33, 92.62, 92.94
Resistance Levels: 93.55, 93.84, 94.16

AUD/USD: Current price: 1.0257

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

Today's bullish price action combined with yesterday's (3/4) hammer is a sign of reversal from the 1.0150 support, even though it was briefly broken. A rally above 1.03 should clear the falling channel resistance in the daily chart and neutralize the bearish outlook, with 1.0340 and then 1.0374 as possible near-term targets to the upside.

Support Levels: 1.0137, 1.0164, 1.0214
Resistance Levels: 1.0291, 1.0318, 1.0368

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Published On Wed, Mar 6 2013, 01:31 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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