EUR/USD: Quietly waiting for US NFP

EUR/USD Current price: 1.2915

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With the US on holiday, majors stand mostly unchanged post Central Banks meetings, with the EUR/USD finding sellers around 1.2925 which stands as the 78.6% retracement of its latest bullish run. After Draghi guaranteed low rates at current or lower levels for a considerable period trough what he called forward guidance, the EUR seems ready to continue falling:  without US NFP in the middle, one would say that a test of 1.2975, 100% of the rally is underway, thus seems a bit too bold, with employment readings yet to be released. However, if the report surprises to the upside, that’s next logical target for the pair. 

Anyway and for the short term, the hourly chart shows indicators flat in negative territory, and 20 SMA heading lower above current price. In the 4 hours chart technical readings maintain a bearish stance, supporting the shorter term view.

Support levels: 1.2880 1.2840 1.2800 

Resistance levels: 1.2925 1.2950 1.2985

EUR/JPY Current price: 129.08

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With the Japanese yen pretty steadied with the news, the pair nose dived towards 128.80 static support and 200 SMA in the hourly chart, where the bleeding halted. However, bounces had remained shy, and the technical outlook is quite bearish for the pair, as hourly indicators retrace from below their midlines and head back south. Lose of mentioned support should favor an approach towards the 128.00 area, while recoveries up to 130.00 will be seen as selling opportunities today.

Support levels: 129.50 129.10 128.80 

Resistance levels: 130.10 130.50 131.00

GBP/USD Current price: 1.5076

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Pound initial kneejerk post dovish Carney was later feed by falling EUR, leaving GBP/USD at its lowest level in 5 weeks, a few pips above the 1.5050 strong static support. The hourly chart shows price in a tight 20 pips range for most of the last hours, and indicators flat in oversold territory, with 20 SMA heading strongly down well above current price. In the 4 hours chart the strong bearish momentum seen earlier has eased but is far from reversing: as long as below 1.5130 the downside remains favored on a break of mentioned support, towards key psychological 1.50.

Support levels: 1.5050 1.5010 1.4970

Resistance levels: 1.5130 1.5160 1.5200

USD/JPY Current price: 99.93

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The USD/JPY hovered below 100.00 and even attempt to break higher, but was unable to extend gains despite dollar strength against European rivals. The pair however, managed to hold above its 100 SMA that stands offering dynamic support around 99.80 in the hourly chart, while indicators hold pretty flat around their midlines, giving no clues on direction at the time being. There’s little chances of the pair moving over upcoming Asian session, as investors will likely wait for US employment figures to define a trend for the pair. 

Support levels: 99.80 99.50 99.25 

Resistance levels: 100.30 100.70 101.10

AUD/USD: Current price: 0.9148

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The AUD/USD holds around 0.9150, having recovered ground amid rising stocks and futures, both in Europe and the US. The hourly chart shows price heading above a bullish 20 SMA that offers dynamic support currently around 0.9130, while indicators lost the upward potential and turn south above their midlines. In the 4 hours chart price continues to struggles around its 20 SMA, while indicators turned flat below their midlines. With scope for further short term recoveries, the dominant trend is still bearish, with a price acceleration below 0.9090 now signaling a new leg lower for the upcoming hours.

Support levels: 0.9130 0.9090 0.9060

Resistance levels:  0.9150 0.9190 0.9220

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