EUR/USD Current price: 1.3452
The EUR/USD surged to a fresh weekly high of 1.3519, only to find strong selling interest and end the day a few pips before its opening. Daily chart shows a long upper shadow in Wednesday candle which point for further slides as confidence in the EU seems not that strong: despite authorities had try to down talk the idea of an “overvalued euro” Portugal PM comments on weak employment situation fueled distrust. The EU economic situation, despite latest improvements continues to be delicate and does not surprise a small spark is enough to trigger renewed stress. However, the pair is still far from bearish: the hourly chart shows price trading in between Fibonacci levels, finding buyers in the 1.3430 area, 23.6% retracement of its latest daily fall, while indicators hold in neutral territory. The support to watch in case of my falls is the 1.3350 recent lows, ahead of the daily ascendant trend line today around 1.3270. Only below this last bears may gain control, still quite far away.
Support levels: 1.3430 1.3270 1-3225
Resistance levels: 1.3485 1.3510 1.3545
EUR/JPY Current price: 125.45
Edging also slightly lower compared to previous Asian opening, the pair has been affected also for comments over yen weakness, as the Nippon currency now struggles to resume its bearish momentum against most rivals. The EUR/JPY hourly chart shows momentum heading slightly lower as RSI turns flat in neutral territory, while price develops in between MA’s. As remarked yesterday, 100 SMA remains below the 200 one, which reflects the easing in upward strength. In the 4 hours chart, a bearish trend seems to be developing yet price needs to break below 125.00 to be able to extend its fall, with 123.90 area then at sight.
Support levels: 125.00 124.40 123.90
Resistance levels: 125.55 126.10 126.60
GBP/USD Current price: 1.5535
GBP/USD trades at a fresh 6-month low, having been under pressure since r BOE’s Governor King said the UK faces a further bout of inflation and a muted economic recovery. The pair has breached again below the long term ascendant trend line around 1.5630 today and, the hourly chart shows indicators still giving some signs of exhaustion near oversold readings, yet far from suggesting an upward correction. 20 SMA in the mentioned time frame accelerated lower, currently acting as dynamic resistance around recent highs of 1.5560/70. 4 hours chart shows momentum aiming higher still in negative territory. Lower low in the daily chart, supports a downside continuation with 1.5200 still as possible target.
Support levels: 1.5530 1.5290 1.5250
Resistance levels: 1.5585 1.5630 1.5680
USD/JPY Current price: 93.19
Accelerating lower at the time being, the USD/JPY is falling below the trend line coming from 88.05 after a failed attempt to break it early Wednesday. The hourly chart shows price around both 100 and 200 SMA’s in the 93.20/30 area, now turning into immediate resistance if price continues down. Technical indicators in the hourly chart are mostly neutral yet heading lower. In the 4 hours chart a slightly bearish tone is present, yet shows no actual strength: a break below 92.80 may be the trigger for a short term slide towards 92.00/40 price zone.
Support levels: 93.10 92.80 92.40
Resistance levels: 93.80 94.10 94.45
AUD/USD: Current price: 1.0361
Aussie trades at a fresh weekly high against the greenback, firming above 1.0330 now short term support. The hourly chart shows price holding above a bullish 20 SMA, while momentum bounces from 100 and RSI heads north in positive territory, giving the pair a bullish short term bias. In the 4 hours chart technical readings also support the upside, with 1.0410 now at sight. Steady gains above this last will open doors for a test of the 1.0500 area, while the bullish bias will remain favored as long as 1.0330 attracts buyers.
Support levels: 1.0330 1.0310 1.0270
Resistance levels: 1.0370 1.0410 1.0460