EUR/USD Current price: 1.2805
As markets wait for the EU FinMin outcome and Bernanke’s words later today, majors’ trade in tight ranges. Early news on a France downgrade did little to disturb EUR/USD as the pair set a fresh weekly high at 1.2828 today, following US housing starts data that increased to a 4-year high. The EUR/USD hourly chart shows price easing ahead of the US opening, finding short term support around its, while indicators head north above their midlines, keeping the downside partially limited. In the 4 hours chart, a slightly bullish tone persists with immediate support around 1.2770, 20 SMA and 23.6% retracement of the latest daily bearish run from 1.3170 to 1.2660. To the upside, the 38.2% retracement of the same rally at 1.2840 is the immediate resistance area, only above this last the pair could see further advances towards the 1.2900 level.
Support levels: 1.2770 1.2745 1.2720
Resistance levels: 1.2840 1.2880 1.2910
GBP/USD Current price: 1.5919
The GBP/USD struggles around 1.5920 still unable to clearly break above the strong static resistance level. The hourly chart maintains a positive tone: price stands above 20 SMA while indicators bounced higher from their midlines. In the 4 hours chart the technical picture is also bullish, although unless a clear break higher, the upside will remain limited.
Support levels: 1.5885 1.5850 1.5820
Resistance levels: 1.5920 1.5960 1.6000
USD/JPY Current price: 81.65
USD/JPY trades at fresh 7-month highs, surging above 81.60 and holding its latest gains. The bullish momentum of the pair was not affected by BOJ decision to hold its monetary policy unchanged, and 82.50 area continues to be the main target of current movement. In the short term, the hourly chart shows indicators heading north above their midlines, supporting the longer term view, while in the 4 hours chart upward momentum is also strong.
Support levels: 81.45 81.05 80.80
Resistance levels: 81.70 82.10 82.50
AUD/USD: Current price: 1.0366
Australian dollar lost its shine after the RBA opened doors for more rate cuts, with the AUD/USD staling in the 1.0410/20 area where the slide began: the pair trades below 1.0370, exposing now next strong support around 1.0330. The hourly chart shows price well below 20 SMA, that turns lower, while indicators head south below their midlines. In the 4 hours chart technical readings are also giving up although holding above their midlines: further slides should be expected if mentioned 1.0330 level gives up.
Support levels: 1.0330 1.0295 1.0260
Resistance levels: 1.0370 1.0410 1.0445