EUR/USD Current price: 1.2975
Loads of noise in the forex market for a second day in a row, with market focused on the US: risk sentiment was well supported early Europe, an even boosted by a stronger than expected US Pending home sales reading. The EUR/USD reached 1.3013 before turning quickly lower on fiscal cliff: Republican John Boehner said on Thursday that talks with the White House had made no substantive progress and even criticized President Obama and Democrats for failing to get serious about including spending cuts in a final deal. Panic took a bite for a couple hours, sending EUR/USD down to 1.2944, yet buyers defended the area. Entering Asian session, the hourly chart shows a slightly bullish tone as indicators head north above their midlines and price holds above a bullish 20 SMA. Selling interest around 1.3010 has prove strong so far, yet renewed attempts to break higher will likely succeed with 1.3080 then at sight.
Support levels: 1.2970 1.2945 1.2910
Resistance levels: 1.3010 1.3040 1.3080
GBP/USD Current price: 1.6040
The GBP/USD presented a limited advance compared to Euro, stalling right below weekly high of 1.6055 and extending its consolidative stage. Slightly bullish in the hourly chart, price is closer to the roof of the daily descendant channel, yet ranging, which means a break of the roof will hardly be meaningful unless price extends clearly beyond recent highs. In the 4 hours chart technical readings are mostly neutral, with indicators flat around their midlines, yet again favoring the upside as price stands above 20 SMA.
Support levels: 1.6020 1.5990 1.5950
Resistance levels: 1.6050 1.6080 1.6110
USD/JPY Current price: 82.10
Intraday unchanged the USD/JPY trades in a poor 10 pips range since mid American afternoon, still holding above the 82.00 mark. As commented earlier today, the longer term upward momentum eased over the past few days, but the bullish bias remains intact, with a break above 82.80 pointing for a retest of 84.17 this year high. In the short term and according to the hourly chart, price hovers between 100 and 200 SMA’s, while indicators turned flat: lacking definitions, an extension above 82.30 is now required to confirm further gains while dips towards 81.50 continue to be seen as buying opportunities.
Support levels: 81.90 81.50 81.20
Resistance levels: 82.30 82.60 82.90
AUD/USD: Current price: 1.0431
Aussie failed again to breach recent highs around 1.0480/90 against the dollar, discouraging buying interest as the pair enters Asian session around the bottom of recent range in the 1.0430 area. The hourly chart shows a slightly bearish tone, with indicators standing in negative territory and price 20 SMA. In the 4 hours chart, bearish momentum accelerates, yet 1.0410 needs to give up to confirm a bearish continuation for this Friday.
Support levels: 1.0410 1.0370 1.0330
Resistance levels: 1.0480 1.0510 1.0550