EUR advances, AUD lags, Dollar still in trouble

EUR/USD Current price: 1.3226

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Having traded most of the day in a 30 pips range, the EUR/USD surged after the US opening reaching as high as 1.3237 before stalling. Stocks gain strongly for second day in a row, as risk sentiment improved as US fiscal cliff negotiations are seeing the light at the end of the tunnel. And while optimism persisted over the US session, latest news show that S&P agency just raised Greek credit rating, citing the “strong determination” of euro-area governments to keep the nation in the currency zone, which will likely support more EUR short term gains. Early Asia, the hourly chart shows momentum remains to the upside, with 20 SMA now around 1.3185, former highs and now short term support. Despite overbought, corrective movements remained limited at least until the end of the week, when some profit taking make come into play. As long as the level holds, the pair will likely continue advancing towards next target, 1.3280 past April 30th daily high.

Support levels: 1.3210 1.3185 1.3140 

Resistance levels: 1.3240 1.3280 1.3315

GBP/USD Current price: 1.6249

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Pound advanced against the greenback, reaching 1.6270 static resistance level before correcting slightly lower. The pair however, maintains the bullish tone according to the hourly chart, as indicators head north above their midlines while 20 SMA offers now support around 1.6230. Despite overextended, indicators head higher also in the 4 hours chart, suggesting a break above mentioned high may see the pair extending towards 1.6308 this year high.  

Support levels: 1.6230 1.6195 1.6140 

Resistance levels: 1.6270 1.6310 1.6345

USD/JPY Current price: 84.19

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The USD/JPY regained the upside, consolidating now above the 84.00 area, and ready to retest recent highs around 84.45 and even extend its gains before the year is over. The hourly chart shows distance in between 100 and 200 SMA’s still widening below current price, while indicators head north above their midlines after a limited correction towards 83.60 last Monday. In the 4 hours chart technical readings also head north, supporting a continuation towards 85.00.

Support levels: 84.15 83.75 83.50 

Resistance levels: 84.45 84.90 85.20

AUD/USD: Current price: 1.0520

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Australian dollar was unable to run higher despite market positive mood, weighted by falling gold. The pair struggles around the daily ascendant trend line coming from early Dec low at 1.0392, finding buyers in the 1.0500/10 price zone, and looking bearish according to the hourly chart that shows price contained below a bearish 20 SMA and indicators holding in negative territory. Break of mentioned support area, will open doors for a run towards 1.0460, yet selling interest will likely ease on approaches to 1.0400/30 price zone, where buying interest is expected to surge.

Support levels: 1.0505 1.0460 1.0430

Resistance levels: 1.0525 1.0540 1.0590

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