EUR/USD Current price: 1.3318
View Live Chart for the EUR/USDMixed picture out there, with the EUR/USD still nailed to the 1.3310/20 area, and despite the wider intraday range posted this Tuesday. Finding buyers and sellers both with even strength up at 1.3370, and down at 1.3250/60 Fibonacci support, the pair continues to lack clear direction, as Asian players come in. Early news showed an improvement in confidence according to German ZEW survey, while Draghi late speech continues to remark the “solid progress†in public finances for troubled countries, adding nothing new to its latest words. From a technical point of view, there’s little to add to previous updates, as the technical readings in the hourly chart hold flat in neutral territory. At this point, a clear break of mentioned extremes is needed to confirm an intraday trend, with the downside still favored unless a break above 1.3410.
Support levels: 1.3290 1.3250 1.3220
Resistance levels: 1.3330 1.3350 1.3375
GBP/USD Current price: 1.5838
View Live Chart for the GBP/USD (select the currency)The GBP/USD gave up most of its intraday gains, following BOE’s governor King words, saying the central bank was ready to restart bond purchases or cut interest rates if needed to boost the economy. The Central Bank, will also review its inflationary target, although no major change is expected there. Despite holding above the recent lows around 1.5800/10, the pair enters Asia with a bearish short term tone, as the hourly chart shows indicators heading south below their midlines and price below a flat 20 SMA. The double roof around 1.6300 clear in daily basis, continues to be a big challenge for buyers: watch now for 1.5810 to give up to confirm a deeper slide short and midterm.
Support levels: 1.5820 1.5770 1.5730
Resistance levels: 1.5850 1.5885 1.5915
USD/JPY Current price: 88.69
View Live Chart for the USD/JPY (select the currency)The bearish potential for USD/JPY increases short term, after latest BOJ decision, but be aware there is a long ride ahead to even start talking about a reversal. The hourly chart shows price was unable to recover beyond 200 SMA, now offering dynamic resistance around 89.10, while indicators head south below their midlines, keeping the downside exposed. In bigger time frames such as 4 hours and daily, indicators also head lower, with daily ones also favoring a bearish corrective movement. Key support now is at 87.70 area, and if price does not bounce there, then there’s scope for a continuation towards 86.40/60 area. In the short term, daily low of 88.35 is immediate support and if broken, 87.70 comes at sight for today.
Support levels: 88.35 88.00 87.70
Resistance levels: 88.80 89.10 89.45
AUD/USD: Current price: 1.0566
View Live Chart for the AUD/USD (select the currency)The AUD/USD will face Australian CPI readings today, consolidating near its 2 week high despite hourly chart presents some bearish divergences, as momentum heads south nearing its midline. In the same time frame however, price stands above a strongly bullish 20 SMA, which suggest bears will still have to wait. In the 4 hours indicators hold positive territory while 20 SMA slowly turns up below current price, all of which suggests the pair may attempt a retest of the 1.0600 area. However, only once above this last the bulls will lead, with scope then to extend towards the 1.0660 price zone.
Support levels: 1.0550 1.0520 1.0490
Resistance levels: 1.0575 1.0600 1.0660
New to Forex? Visit our Glossary!
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.