The Euro opened the week with a strong foot, supported by SNB member comments on further easing if necessary, yet most important, on a Greek politic deal, to form a unit government and pass the measures needed to receive next tranche of aid. Technically however, the picture is not so bright; short term bullish, bigger time frames show daily opening struggling to recover above the 38.2% retracement of the 1.3145/1.4246 rally at 1.3830. Hourly chart shows price in range in between 1.3710 and 1.3830 area since early past week with no much definition: price hovers around a flat 20 SMA, while indicators heading slightly higher yet just above their midlines, while 4 hours chart shows also lacks of definition, although the upside is favored due increasing risk appetite.
Support levels: 1.3765 1.3720 1.3680
Resistance levels: 1.3830 1.3855 1.3900
The GBP/USD also gapped to the upside favored by market positive mood, yet unable to extend gains, approaches to Friday’s close around 1.6020. Hourly chart shows a slightly bullish tone as per indicators bouncing higher from their midlines while price holds above a flat 20 SMA; 4 hours chart shows the same picture with recent highs around 1.6060 acting as immediate resistance zone: clearly break above this level is required to confirm further bullish momentum in the pair for this Monday.
Support levels: 1.6035 1.6010 1.5965
Resistance levels: 1.6060 1.6090 1.6130
The USD/JPY found some support past Friday on mixed US employment report, yet was unable to extend gains beyond 78.35 immediate resistance zone. Momentum remains flat around 100 line while price holds barely above an also flat 20 SMA and the Fibonacci retracement, 38.2% of post intervention bullish run. Bigger time frames are also flat which suggest is no time to trade this pair.
Support levels: 77.80 77.50 77.20
Resistance levels: 78.35 78.60 79.00
Australian dollar opens the week with a strong tone against the greenback, regaining the 1.0400 area, and approaching immediate resistance zone around 1.0445. Despite indicators are not yet reflecting current price movements and show a limited bullish tone in both 1 and 4 hours chart, the upside is favored due market positive sentiment. However, clearance of past 4 days high around mentioned 1.0445 is necessary to confirm the bullish continuation rally over the upcoming sessions.
Support levels: 1.0360 1.0320 1.0270
Resistance levels: 1.0445 1.0500 1.0550
New to forex? Visit our Glossary!
Today you will find the term, Geometric Moving Average.
 |
"Simply a Must Read for Every Serious Forex Beginner" Available at Amazon Now also for Kindle
|
