View Live Chart for the EUR/USD
Euro gaps lower, losing over 150 pips with early interbank opening amid Cyprus news over the weekend: government is ready to impose a levy to all bank accounts to be able to receive a bail out. And while authorities deny the possibility of extending the measure to other troubled economies of the EU, investors’ confidence has not exactly increased with these measures. The EUR/USD trades at 1.2904, fres year low, with technical readings distorted over the opening gap. The bearish momentum however, will likely extend if the pair extends is slide, with stops gathered below 1.2880 strong static support: once below this last, the pair may reach 1.2800/40 area over the short term.
Support levels: 1.2880 1.2840 1.2800
Resistance levels: 1.2970 1.3010 1.3045
View Live Chart for the EUR/JPY (select the currency)
Yen surged strongly against most rivals, with the EUR/JPY bouncing higher from the 122.00 level, as seems by the time being, adding to yen shorts is more interesting than bewaring of European chaos. The pair will face its first resistance around 122.80, while only above 123.60 area may attempt to extend the advance. Risk however remains to the downside, and a break below 122.00 will expose the 121.10/20 price zone.
Support levels: 122.00 121.50 121.10
Resistance levels: 122.80 123.60 124.00
View Live Chart for the GBP/USD (select the currency)
Barely unchanged from Friday close, the GBP/USD is the only major pair with no 100 pips gap. EUR/GBP selloff may be one reason helping Pound remain strong, and latest recovery from 1.4830 the other. The hourly chart shows price struggling around a flat 20 SMA while indicators bounce higher from their midlines, giving a slightly bullish tone to the pair. If panic takes over the market however, dollar demand will likely weight on the pair and send it lower: the 1.5050 is then the point to watch as once below, the slide will likely continue towards 1.4980 price zone.
Support levels: 1.5090 1.5050 1.4980
Resistance levels: 1.5175 1.5220 1.5260
View Live Chart for the USD/JPY (select the currency)
The USD/JPY reached 94.20 early interbank trading, the 38.2% retracement of its monthly slide from 124.13 to 75.56. The level is no doubts an inflection point for the ruling long term bullish trend, and if renewed selling pressure drives the pair below it, the unwind of buying positions could turn into a nasty move in the pair, with an approach to the 92.00 level then at sight. The hourly chart shows however, price standing steady around 94.60/80 area, although unless some stability above 95.20, risk remains to the downside.
Support levels: 94.50 94.20 93.70
Resistance levels: 94.85 95.20 95.50
View Live Chart for the AUD/USD (select the currency)
The kneejerk for AUD/USD has been far more limited, with the pair slowly recovering from 1.0350 area. As many major crosses, is not about technical studies today with the gaps, but about the level that attract sellers/buyers. The pair has the downside protected with buying interest aligned in the 1.0300/30 price zone, while short term sellers may show around 1.0410 price zone. Above this last, the bullish momentum may resume, with 1.0500 at sight. On the other hand, if local share markets start falling, the pair will have a hard time to regain ground, and probably approach to mentioned support area.
Support levels: 1.0330 1.0300 1.0265
Resistance levels: 1.0410 1.0440 1.0490
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