The euro zone soap opera continues, this Monday with rumors of Italian’s Berlusconi resign. Later denied, the spread differential of Italian yields reached fresh euro area records, yet strong come back in stocks markets that ended positive after falling to deep red, saved the day. The EUR/USD continues trading inside these last 4 days range, with hourly chart showing indicators barely above their midlines and price above an also flat 20 SMA. 4 hours charts on contrary shows a limited bearish tone as per indicators heading south below their midlines; however, only below 1.3660 the pair may accelerate lower with 1.3610 as next support area.
Support levels: 1.3750 1.3710 1.3660
Resistance levels: 1.3800 1.3830 1.3855
The GBP/USD reached a daily high around 1.6080, trading early Asia just below the level, and holding a limited bullish tone according to the hourly chart, as indicators turn south above their midlines. 4 hours chart shows indicators heading higher above their midlines while price holds above a 20 SMA that gains bullish slope. Still a technical acceleration and consolidation above mentioned high is needed to confirm a continuation rally over the upcoming hours.
Support levels: 1.6035 1.6010 1.5965
Resistance levels: 1.6080 1.6120 1.6160
If it was a forgettable day from the technical point, talking about USD/JPY seems useless. The pair continues trading in a 20 pips daily range, consolidating around the 78.00 level, 38.2% retracement of post intervention rally. Despite investors are staying away from the pair, current behavior and lack of strength to continue higher supports an increasing bearish potential: 100 DMA lies today at 77.70 immediate support, acting as key support level to break to attract more sellers.
Support levels: 77.70 77.50 77.20
Resistance levels: 78.35 78.60 79.00
Australian dollar also holds to recent range, yet price develops inside a bearish short term channel clear in the hourly chart, with indicators heading higher above their midlines, supporting a limited bullish continuation rally. The roof of the channel lies around 1.0410 for the upcoming hours, while recent highs lie at 1.0445, this last, the top of the range to breach to see the pair resuming the bullish tone.
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, Mark to Market.
 |
"Simply a Must Read for Every Serious Forex Beginner" Available at Amazon Now also for Kindle
|
