View Live Chart for the EUR/USD
While the correlation in between riskier assets and stocks has tumbled past week, Monday saw stocks soaring to fresh record highs and dollar pressured on it. DIJA closed for its fifth day in a row at record highs, while S&P stands a few points away from its all time closing high. The enthusiasm managed to wake a sleepy forex market, where majors traded in a tight range for most of past Asian and European sessions. As US closes, the EUR/USD trades around the 50% retracement of its Friday fall with the hourly chart showing technical readings in positive territory; the 61.8% retracement of the same rally is now around 1.3070 and immediate resistance. In the 4 hours chart technical readings remain neutral, yet if price manages to advance above mentioned resistance, the pair may gain momentum and extend towards 1.3120 price zone, where a daily descendant trend line should halt the run.
Support levels: 1.3020 1.2980 1.2950
Resistance levels: 1.3070 1.3120 1.3160
View Live Chart for the EUR/JPY (select the currency)
The EUR/JPY managed to extend above the 125.00 area and nears 126.00 early Asian session with the hourly chart showing technical readings aiming higher in positive territory. Yen weakness has accelerated after US employment data, thus Euro strength seems temporal, as market remains bearish in the common currency. Therefore, gains should remain limited, or be short lived in the pair: above 126.00, the rally may extend towards 126.50 before starting to fade.
Support levels: 125.45 125.00 124.60
Resistance levels: 126.00 126.50 126.90
View Live Chart for the GBP/USD (select the currency)
The GBP/USD fell as low as 1.4864 before bouncing higher, still with the upside limited and with the bearish trend intact. Despite latest recovery, the hourly chart shows indicators back in negative territory and price hovering around a flat 20 SMA, while 4 hours ones maintain a strong bearish tone. The 1.4870 area is the main support today, and renewed selling pressure below should expose the 1.4810 price zone.
Support levels: 1.4870 1.4835 1.4810
Resistance levels: 1.4940 1.4985 1.5010
View Live Chart for the USD/JPY (select the currency)
The USD/JPY tests post Payrolls high, maintaining the upside bias. Beyond technical readings, the pair is set to continue advancing, with downside corrections seen limited yet as buying opportunities: last week the pair closed above 94.20 which stands for the 38.2% retracement of the 124.13 to 75.56 multi-year slide, and as long as above the level, bulls will continue to lead the way both in the short, and the long term.
Support levels: 96.20 95.80 95.50 9
Resistance levels: 96.55 96.90 97.20
View Live Chart for the AUD/USD (select the currency)
The AUD/USD broke above the daily descendant trend line coming from 1.0573 on increasing risk appetite, yet stalled around 1.0280 strong static resistance level. The hourly chart shows indicators turning lower from overbought levels, but price still above the trend line and well above a bullish 20 SMA. In the 4 hours chart, technical readings present a slightly bullish tone, but unless price manages to stand firm above the 1.0300 area, the upside remains limited-
Support levels: 1.0250 1.0220 1.0180
Resistance levels: 1.0280 1.0310 1.0345
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