EUR/USD Current price: 1.3286

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The EUR/USD cheerful ride extended today to 1.3307, as positive news continue to flood feeds: Greece has been upgraded for a change, Spanish PM Rajoy says the country does not need bailout, peripheral yields are down, and US housing starts continue improving. Stocks are strongly up, while gold gets smashed, sold in behalf of high yielders, and dollar and yen fall across the board. The EUR/USD however, may see some limited bearish correction, more on profit taking and extreme readings rather than anything else. The hourly chart shows indicators exhausted to the upside, while 20 SMA offers dynamic short term support around 1.3240, immediate support. In the 4 hours chart the upward momentum remains quite strong suggesting counter trend movements are meant to be limited. 

Support levels: 1.3240 1.3210 1.3185 

Resistance levels: 1.3315 1.3350 1.3385

GBP/USD Current price: 1.6278

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The GBP/USD reached 1.6305, couple pips shy of the year high before starting a retracement that approaches 1.6270 immediate support as per former weekly high. The hourly chart shows indicators accelerating lower from overbought levels and price challenging 20 SMA, yet unless a clear break and follow trough below mentioned support, the downside is still limited. For the ones thinking on a probable double roof at today’s high, remember the figure won’t be complete unless a break of the neckline, which stands at 1.5826, November 15th daily low. Too early to even start to think about it.

Support levels: 1.6270 1.6230 1.6195 

Resistance levels: 1.6310 1.6345 1.6390

USD/JPY Current price: 84.54

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Trading at year highs, the USD/JPY advances with risk sentiment, presenting a strong bullish tone according to the hourly chart: price stands well above MAS’s while indicators head north in positive territory. Market continues to price in more action from BOJ and Abe starting next week, and no retracements should be expected in the meantime. Bigger time frames also support the upside form a technical point of view, with 85.00 now at sight.

Support levels: 84.40 84.15 83.75 

Resistance levels: 84.60 84.90 85.20

AUD/USD: Current price: 1.0448

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Gold slide weights on Aussie since yesterday, with the AUD/USD breaking below key 1.0510 mark and a daily ascendant trend line coming from December low at 1.0392. The hourly chart shows a strong bearish momentum and as long as below mentioned 1.0510, the pair has scope to test 1.0460 support. Further slides however remain limited as buyers are waiting in the 1.0400/30 price zone.

Support levels: 1.0460 1.0430 1.0400

Resistance levels: 1.0510 1.0540 1.0590


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