EUR/USD Current price: 1.3127
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USD dollar continues to be the leader of the forex board, starting the week maintaining its strong foot particularly against weaker EUR and JPY. The common currency trades at its lowest level in 11-month, with September last year low at 1.3105, immediate support. Ahead of a quite busy week that will include ECB meeting, local GDP and Services PMI readings, not much action should be expected Monday, with US on holidays due to Labor Day.
Technically the hourly chart shows price at fresh lows, with momentum flat in negative territory, and RSI entering oversold levels, while 20 SMA heads lower above current price, all of which supports a steady decline. In the 4 hours chart momentum heads strongly south with RSI also in oversold territory and 20 SMA offering dynamic resistance around 1.3180 in case of a recovery, supporting the shorter term view.
Support levels: 1.3105 1.3090 1.3050
Resistance levels: 1.3145 1.3180 1.3215
EUR/JPY Current price: 136.77
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Despite both being weak against the greenback, JPY outperforms EUR, with the pair presenting an overall bearish stance, having established past August a year low of 135.72. The short technical picture however, shows the pair gapping slightly higher at the opening, with the hourly indicators crossing their midlines to the upside, yet price well below 100 SMA currently around 136.90, while 200 one stands above it, at 137.30, both acting as intraday resistances. In the 4 hours chart however indicators remain below their midlines, while moving averages converge in the 137.00/10 area suggesting upward movements will remain limited: price needs to establish at least above the 136.90 level to be able to extend its gains, quite unlikely at the time being.
Support levels: 136.40 136.00 135.70
Resistance levels: 136.90 137.30 137.60
GBP/USD Current price: 1.6592
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The GBP/USD shows little change from latest updates, trading steadily below the 1.6600 level. Late Friday the pair surged around 40 pips up to the level, probably on some Pound demand coming from EUR/GBP that trades barely above 0.7900. As for the GBP/USD hourly chart, price stands right above a flat 20 SMA while indicators turned south above their midlines, holding in neutral territory. In the 4 hours chart the technical picture is also strongly neutral, with the daily descendant trend line coming from this year high today at 1.6630: it will be only above this last the pair will be able to advance further, while the risk of a bearish move increases on a break below 1.6540 strong support.
Support levels: 1.6540 1.6490 1.6465
Resistance levels: 1.6600 1.6630 1.6650
USD/JPY Current price: 104.18
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Dollar gaps higher against the yen trading a few pips below past week high of 104.26, and with the hourly chart showing a strong upward momentum coming from technical indicators, as price extends above moving averages, supporting a continued advance. In the 4 hours chart indicators also aim higher above their midlines as price develops well above moving averages, supporting the shorter term view. Dips down to 103.50/60 area will likely attract buyers rather than signal a downward continuation, with a break above 104.50 required to confirm a stronger upward momentum.
Support levels: 103.55 103.20 102.85
Resistance levels: 104.20 104.50 104.80
AUD/USD Current price: 0.9323
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It will be a busy week in Australia with loads of first line local data, including RBA meeting on Tuesday. For today, the calendar includes inflation and manufacturing indexes, not to mention Chinese manufacturing PMI also meant to weight on the Aussie. Gapping lower with the weekly opening, the hourly chart shows price below the 0.9330 mark, as 20 SMA gains bearish slope a few pips above it, and indicators gain bearish tone below their midlines. In the 4 hours chart the technical picture is also bearish, albeit a break below 0.9300 is required to confirm a continued decline for this Monday.
Support levels: 0.9330 0.9300 0.9260
Resistance levels: 0.9370 0.9410 0.9450
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