Last week AUDJPY, AUDUSD, EURJPY, EURUSD, GBPJPY, and GBPUSD all finished positive for the week after a strong sell off the week before. EURUSD and GBPUSD rallied the strongest. Will the rally continue for a second week or was that a short relief rally within 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.
Price rallied and held at the 90.29 monthly resistance level last week. Will price hold at the 90.29 monthly resistance level and decline down to the 86.24 monthly support level 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.
Price rallied and held at the 0.7030 and 0.7051 daily resistance levels last week. Will price hold at the 0.7030 and 0.7051 daily resistance levels for a move back 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.
Price was range bound and held above the 134.12 monthly support last week. Will 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.
Price rallied back to the 1.0600 level last week. Will price hold at the 1.0600 resistance level and move back below the 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.
Price was range bound and held above the 158.21 monthly support last week. Will 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.
Price rallied back to the 1.2500 level last week. Will price hold at the 1.2500 resistance level and move back below the 1.2411 daily support level this week?
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This article was written by Duncan Cooper – Senior Market Strategist & Trading Mentor.
