EUR/USD Current price: 1.3072


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Month starts with dollar bulls running away from the greenback as the American economy is showing no signs of picking up: on contrary, ISM Manufacturing index unexpectedly contracted in May at the fastest pace in four years, falling to 49 from the prior month’s 50.7. The EUR/USD managed to reach 1.3107 regardless a Cyprus downgrade by Flitch, correcting now the overbought readings reached in the hourly chart, although maintaining the positive bias: in the 4 hours chart price managed to recover from a bullish 20 SMA, while indicators stand in positive territory, losing upward momentum after recent correction but far from signaling a retracement. Buyers are now expected to surge on dips towards 1.3000/40 area, while sellers align at the 1.3200 area. 



Support levels: 1.3040 1.3000 1.2960



Resistance levels: 1.3110 1.3155 1.3190 



EUR/JPY Current price: 130.03


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Yen gained momentum across the board, with the EUR/JPY reaching 129.50 before finding some buyers, still unable to firm up back above the 130.00 mark. The hourly chart shows moving averages gaining bearish slope above current price, as indicators correct oversold readings, while the  4 hours chart shows an increasing bearish momentum that supports a test of key 128.80 support for these days. Expect sellers now on approaches to the 131.00 area.



Support levels: 129.50 129.20 128.80



Resistance levels: 130.40 131.00 131.50 



GBP/USD Current price: 1.5320


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The GBP/USD reached 1.5374, on strong Pound demand after better than expected UK data. The hourly chart shows price and indicators correcting the extreme overbought conditions, although price remains well above a strongly bullish 20 SMA. In the 4 hours chart price has managed to break above 200 EMA, a first sign of midterm bullish continuation if price continues to hold above it around 1.5260, while indicators maintain a strong upward momentum. 



Support levels: 1.5290 1.5240 1.5200 



Resistance levels: 1.5380 1.5420 1.5460



USD/JPY Current price: 99.35


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The USD/JPY nose dived down to 98.85 before bouncing, reaching a fresh 4-week low with dollar sell off. The break below 100.00 is no minor factor in the pair now, so expect spikes towards the level to attract sellers. The hourly chart shows a  limited upward correction coming from indicators still in negative territory, with price capped below 99.50 and moving averages accelerating south above current price. Bigger time frames show also bearish technical readings, with 97.00 area now as next big midterm support to watch.



Support levels: 99.20 98.85 98.40



Resistance levels: 99.50 100.00 100.40



AUD/USD: Current price: 0.9751


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Aussie advanced up to 0.9790 against the greenback, adding near 230 pips from Friday opening and regardless an unfilled gap around 0.9570.  Extremely overbought according to the hourly chart, the pair holds to its gains ahead of RBA monetary policy meeting later this Tuesday. After May rate cut, the Central Bank is expected to remain on hold, and unless a strongly dovish speech from governor Stevens, the pair will likely continue advancing. In the 4 hours chart, technical readings present a strong upward momentum, favoring the shorter term view.



Support levels: 0.9710 0.9660 0.9620 



Resistance levels: 0.9800 0.9840 0.9880















































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