EUR/USD Current price: 1.3523
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Technical studies had little to do in days like today, when fundamental noise is extremely loud: we are a few hours ahead of a technical default in the US that includes a partial government shutdown and 800,000 employees will have nowhere to go tomorrow. Risk sentiment prevailed all though this Monday, and will likely deepen on Tuesday, if the American leaders fail to reach an agreement. The EUR/USD surged on an early relief rally that was not enough to breach recent highs, and the pair enters Asian session trading right above the 1.3500 mark. Seems hard to see the dollar advancing on a local crisis, so the overall winner should be the yen on its safe haven condition. The EUR/USD may see some advance, yet only steady gains above the 1.3570 should lead to a steady continuation over the upcoming days.
Support levels: 1.3490 1.3460 1.3420
Resistance levels: 1.3535 1.3570 1.3615
EUR/JPY Current price: 132.84
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The EUR/JPY managed to fill the weekly opening gap, although failed to sustain gains above the 133.00 level, and trades around past Friday close having recovered above the 132.60 immediate support. Technically bearish, yen rallies are favored for the upcoming hours if the US government actually shuts down, eyeing 130.50 area if things become really wild.
Support levels: 132.60 132.00 131.55
Resistance levels: 133.00 133.40 133.90
GBP/USD Current price: 1.6189
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Pound seems to have more chances of being victorious among high yielders in the middle of a chaotic market: the currency has remained strong on positive economic developments in the UK, and bulls have managed to push price to a fresh 8 months high of 1.6200. Current bullish trend will only be at risk on a break below 1.5970, over 200 pips from current price. Dips down to such level could attract buyers, although seems unlikely the pair will ease that much today. The upside continues to be favored towards this year high of 1.6380, as probable bullish target for the upcoming days.
Support levels: 1.6160 1.6100 1.6060
Resistance levels: 1.6200 1.6240 1.6285
USD/JPY Current price: 98.27
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The USD/JPY managed to recover some ground also, trading as EUR/JPY around Friday’s close recovering from a daily low of 97.48. Back above the daily ascendant trend line coming from 93.78, the pair usually gains strong bearish momentum on negative news in the US, and there’s not many chances things are going to be anything different today.
Support levels: 97.90 97.60 97.30
Resistance levels: 98.40 98.80 99.10
AUD/USD Current price: 0.9326
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The AUD/USD will have to deal not only with US government shut down, but also with RBA monetary policy meeting, which will likely take a step back when it comes to affecting the market. Chances of a rate cut in Australia are still there, and if both circumstances take place over the upcoming hours, the pair is likely to fall strongly. There are two weekly opening gaps unfilled from the past month, the first around 0.9240 and the latest around 0.8900, which seems too far away right now, yet lost of the 0.9200 level after the dust settles, will increase chances of a such fall.
Support levels: 0.9280 0.9240 0.9200
Resistance levels: 0.9335 0.9370 0.9410
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EUR/USD: get ready for a sentiment driven day
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