Resistance at 1.2582 continues to weigh heavily on EURUSD, reason enough for a corrective decline of today’s gains. The notion is being supported by a growing MACD divergence. As a result, initial support is being eyed at 1.2414. Any penetration of the 1.2588 August 23rd session high would spark momentum for a move towards 1.2674, negating the aforementioned.
Support levels: 1.2530 1.2510 1.2485
Resistance levels: 1.2590 1.2630 1.2660
Short term prospects for GBPUSD look a bit bearish, even as the major currency moved higher on the session. With heavy handed resistance at 1.5875, failure of the barrier is increasingly likely – with the notion being supported by the previously mentioned evening star formation. Initial support resides at the 1.5717 figure.
Support levels: 1.5770 1.5730 1.5700
Resistance levels: 1.5820 1.5850 1.5890
USDJPY short term prospects remain bullish, with the price action likely targeting 79.12 resistance on an extension of the recent 78.43 support bounce. A close above the 79.12 would open scope for an immediate test at the 79.65 August 20th session high.
Support levels: 78.45 78.10 77.90
Resistance levels: 78.80 79.05 79.30
Temporary respite may be in the cards for the AUDUSD major pair, as the price action has now formed a doji candlestick ahead of key 1.0330 support. A hold here would boost prospects of a near term retracement back to 1.0435. Technical oscillator readings are supportive of the notion, with a MACD bullish convergence percolating.
Support levels: 1.0360 1.0330 1.0300
Resistance levels: 1.0385 1.0410 1.0440
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