Last week, AUDJPY, AUDUSD, EURJPY, EURUSD, GBPJPY and GBPUSD all ended positive for the week after a strong sell-off the previous week. EURUSD and GBPUSD rallied the strongest. Will the rally continue for a second week or was it a short relief rally in the longer term downtrend?
AUDJPY Daily Chart:
Monthly support at 86.24, resistance at 90.29 and 90.72.
Weekly support at 86.24, resistance at 94.31 and 95.73.
Daily support at 87.28, resistance at 90.43 and 91.16.
The price recovered and held at the monthly resistance level of 90.29 last week. Will the price hold at the monthly resistance level of 90.29 and decline to the monthly support level of 86.24 this week?
AUDUSD daily chart:
Monthly support at 0.6991, 0.6967 and 0.6826, resistance at 0.7555.
Weekly support at 0.6967, resistance at 0.7314.
Daily support at 0.6828, resistance at 0.7030 and 0.7051.
The price rallied and held at the daily resistance levels of 0.7030 and 0.7051 last week. Will the price hold at the daily resistance levels of 0.7030 and 0.7051 to return below the 0.7000 level this week?
EURJPY daily chart:
Monthly support at 134.12 and 133.47, resistance at 137.49.
Weekly support at 133.14, resistance at 137.52.
Daily support at 134.77 and 132.65, resistance at 135.51 and 136.49.
The price was rangebound and held above the monthly support at 134.12 last week. Will the price continue to consolidate between 134.12 monthly support and 136.49 daily resistance this week?
EURUSD daily chart:
Monthly support at 1.0522, 1.0462 and 1.0340, resistance at 1.0635.
Weekly support at 1.0522, resistance at 1.0635.
Daily support at 1.0471, resistance at 1.0642.
The price came back to the 1.0600 level last week. Will price hold 1.0600 resistance level and break back below 1.0522 monthly support level this week?
GBPJPY Daily Chart:
Monthly support at 158.21 and 150.97, resistance at 163.06 and 163.87.
Weekly support at 158.06 and 152.89, resistance at 163.06.
Daily support at 159.04 and 155.59, resistance at 159.61 and 161.85.
The price was range bound and held above the monthly support at 158.21 last week. Will the price continue to consolidate between 158.21 monthly support and 161.85 daily resistance this week?
GBPUSD daily chart:
Weekly support at 1.2251, 1.2195 and 1.2074, resistance at 1.2647.
Daily support at 1.2411 and 1.2155, resistance at 1.2614.
The price came back to the 1.2500 level last week. Will the price hold at the resistance level of 1.2500 and break back below the daily support level of 1.2411 this week?
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This article was written by Duncan Cooper – Senior Market Strategist and Trading Mentor.