EUR/USD Current price: 1.3394
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The EUR/USD fell sharply after the ECB meeting and Draghi's press conference. As it stalls around 1.34 to end the 2/7 global session, this dip is still within the context of the recent rally seen in the daily chart. The next support is around 1.3270, a previous resistance/support pivot. The bearish outlook is held until a break of a couple of key rising trendlines, possibly requiring a break below the 1.3170 pivot. Without this break, a push back above 1.35 revives the bullish outlook.
GBP/USD Current price: 1.5716
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"Cable rallied during the 2/7 European session but stalled after the BoE meeting. There was no talk of further QE, which is positive for GBP. A push above 1.58 will neutralize recent bearish price structure. Otherwise a return back below 1.5625 keeps the 1.55 handle in sight."
USD/JPY Current price: 93.55
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USD/JPY consolidated but found support at 93.00 after an ABC correction. The consolidation range is now between 94.00 and 93.00. A push above 94.00 revives the prevailing bullish trend. The market has been buying on dips. A break below 92.00 will be needed to show possible topping and reversal at this point.
AUD/USD Current price: 1.0270
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The AUD/USD remains pressured and fell below a 2/6-2/7 consolidation. The next key support is in the 1.0150-1.0165 area. Momentum is very bearish in the short-term, and there are signs of oversold conditions, but this also reflects a strong bearish push. Taking a step back, there is a large range between 1.0150 and 1.0598. The bullish outlook is shelved until a break above 1.06, and the bearish outlook for now is held to 1.0150.
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