EUR/USD Current price: 1.2701
Besides a fresh 3-month low, little progress has seen the EUR/USD this Tuesday as the pair traded in a 70 pips range most of the day, still limited to the upside by the 1.2740 area, getting more meaningful as time goes by. With tension in Greece increasing, and Spanish 10Y yields nearing the feared 6% early American session, the Euro remained subdue despite US stocks made some progress most of the day, to end up with some shy gains. Technically speaking the EUR/USD hourly chart turned mostly flat as price hovers around an horizontal 20 SMA while indicators hold near their midlines, giving not much clues on next short term move. However, the downside remains favored as long as mentioned resistance holds, with a break below 1.2660 daily low exposing 1.2610 next big support.
Support levels: 1.2660 1.2635 1.2610
Resistance levels: 1.2710 1.2740 1.2785
GBP/USD Current price: 1.5870
The GBP/USD failed to overcome 1.5915 resistance area on the spike of optimism triggered on better than expected UK CPI readings, and market talks f a Greek 44B aid coming, leaving the downside pretty much exposed for the sessions to come. Short term bearish potential has increased according to the hourly chart, that shows price again below 20 SMA as indicators head south around their midlines. Price however consolidates near the base of a daily descendant channel, and unless that base gives up, continuation rallies are subdued. Steady gains above 1.5920 may see the pair finally correcting hire and approaching the 1.60 key resistance zone.
Support levels: 1.5850 1.5820 1.5770
Resistance levels: 1.5915 1.5950 1.6000
USD/JPY Current price: 79.43
Not many changes in USD/JPY either, as the pair remains capped below 79.60, where 200 DMA and 100 SMA in the hourly chart converge to offer resistance in the pair. Short term technical readings hold a bearish tone as distance in between 100 and 200 SMA’s widens in the hourly chart, while technical indicators hover around their midlines; in bigger time frames the pair holds a more neutral stance, trapped in between 79.00 and 79.60: either extreme needs to give up to give a clearer picture of what’s next for USD/JPY.
Support levels: 79.20 79.00 78.80
Resistance levels: 79.60 79.80 80.05
AUD/USD: Current price: 1.0429
AUD/USD spent most of the US hours consolidating above the 1.0410 level, finding support in rising stocks, along with self positive fundamental outlook. Early Asia, the hourly chart shows indicators heading higher above their midlines and price steady above 20 SMA which continues to support the upward bias. In the 4 hours chart momentum presents a strong upward tone, although there’s not much follow trough in price action. Bullish bias will remain intact as long as the daily ascendant trend line around 1.0360 contains slides.
Support levels: 1.0390 1.0360 1.0330
Resistance levels: 1.0445 1.0480 1.0510