The euro has struggled to pick up any momentum

<p>    EUR/USD Range: 1.3324 – 1.3378 Support: 1.3315 Resistance: 1.3450 Despite the strong recovery of the euro against JPY, AUD and CHF, the euro has struggled to […]</p>

 

 

EURUSD

EUR/USD

Range: 1.3324 – 1.3378
Support: 1.3315
Resistance: 1.3450
Despite the strong recovery of the euro against JPY, AUD and CHF, the euro has struggled to pick up any momentum to rally against the Greenback and has spent most of the overnight session trading sideways between 1.3330 and 1.3375. The euro needs to extend gains and consolidate above 1.3380 to confirm further gains this week. With the next upside target at 1.3430, and above here at 1.3470 On the downside, immediate support lies at 1.3300, which is the 200EMA using the hourly chart. A break of this level should see the pair fall back to the 1.3250 level.

 

AUDUSD

AUD/USD

Range: 1.0067 – 1.0171
Support: 1.0070
Resistance: 1.0230
After closing the year with strong gains across the board, the Australian dollar has failed to extend its rally in the first major trading session of the year. AUD/USD has lost well over 70 pips today, piercing the 1.0120 support level and trading as low as 1.0067. Perhaps this correction reflects a general worry in China’s efforts to cool its economy. Equally the impact of the severe national floods is still yet to filter through into Australian exports.

 

USDJPY

USD/JPY

Range: 81.61
Support: 81.50
Resistance: 82.70
The dollar’s decline from its 84.50 highs in mid-December has been contained at 80.90 lows as the pair has bounced up, favoured by growing optimism reaching levels above 82.00. The pair is currently testing resistance levels at 82.20, and above here, the next resistance lies at the 50-day MA 82.70. On the downside, support lies at 81.60 and below here at 81.20.

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