EUR/USD Current price: 1.2338

Resistance at 1.2400 looms large for EURUSD, with the major currency pair showing additional signs of a short term decline. Overbought technical signals have emerged, and are being combined with a longer term 1.3282-1.2441 descending trendline. An upside break of the trendline will negate the aforementioned notion, and shift focus to 1.2579 resistance.

Support levels: 1.2325 1.2280 1.2250

Resistance levels: 1.2350 1.2385 1.2440

GBP/USD Current price: 1.5690

An inside day has surfaced in GBPUSD, as the price action tests 1.5740 resistance. The technical pattern is indicative of a brief respite in the current move higher from 1.5500 support and is being reinforced by a MACD bearish divergence. The notion places emphasis on initial support at 1.5619.

Support levels: 1.5660 1.5620 1.5590

Resistance levels: 1.5715 1.5740 1.5770

USD/JPY Current price: 79.56

An extension of the bounce from 78.00 support remains intact, with the price action now focusing in on the 80 round figure in USDJPY. The barrier, however, is being reinforced by overbought signals in the near term, and may be a turning point in the current bullish trend. Any upside violation of the 80 handle, would set focus on the 80.50 barrier.

Support levels: 79.40 79.10 78.80

Resistance levels: 79.60 80.00 80.30

AUD/USD: Current price: 1.0435

Even as the bearish market sentiment remains intact, the commodity bloc currency may be in for a short correction higher off of 1.0400 round figure support. Any upside is likely to be held at bay by 1.0500, which is being reinforced by 0.9580-1.0176 ascending support. Further declines lower are dependent on a break of the 1.0400.

Support levels: 1.0400 1.0360 1.0320

Resistance levels: 1.0435 1.0470 1.0500

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