Market leader this Tuesday was gold that soared to near $ 1800/oz, as euro zone news continue to be extremely discouraging: Italian spread yields reached new record highs, will Berlusconi will probably step down after austerity measures pass. Greece continues debating about their new PM, with more delays in the front. With gold soaring, dollar fell against most rivals including the Euro that ended up the day higher, despite the news. The EUR/USD hourly chart shows pair consolidating near daily high with indicators still heading north and price well above 20 SMA. 4 hours chart shows indicators still flat although price broke above 200 EMA. Still, with the euro zone situation, bullish rallies are meant to be limited and more likely considered as selling opportunities by market players.
Support levels: 1.3800 1.3750 1.3710
Resistance levels: 1.3855 1.3880 1.3910
Pound was firmer this Tuesday, also favored by dollar selling. Hourly charts shows indicators losing momentum still above their midlines, yet price continues holding above a bullish 20 SMA while price post higher highs and higher lows. 4 hours charts shows a stronger bullish momentum that would likely help keep the downside limited, with 1.6160 as immediate strong resistance area, as per being past October monthly high.
Support levels: 1.6080 1.6040 1.6010
Resistance levels: 1.6120 1.6160 1.6200
The USD/JPY broke lower, ending the day just at the 100 DMA at 77.71 on dollar weakness and gold strength. The bearish tone in the hourly chart increases as 20 SMA gains downward slope while indicators remain flat below their midlines. In the 4 hours chart, the picture is still not clear, as momentum has barely moved away from the 100 level, while 20 SMA remains flat above current price. The bias however, remains bearish with 77.52 now as next support to break, the 50% retracement of the post intervention bullish run.
Support levels: 77.70 77.50 77.20
Resistance levels: 78.10 78.35 78.60
Barely unchanged from past Asian session levels, the UDS/USD continues holding a slightly bullish tone, yet contained below 1.0410 static resistance zone. 4 hours chart shows price barely above 20 SMA still flat as well as 200 EMA, while indicators lack strength: pair needs to break above the 1.0445 price zone to actually confirm further gains for the upcoming sessions.
Support levels: 1.0360 1.0320 1.0270
Resistance levels: 1.0410 1.0445 1.0500
New to forex? Visit our Glossary!
Today you will find the term, XAG.
 |
"Simply a Must Read for Every Serious Forex Beginner" Available at Amazon Now also for Kindle
|
