EUR/USD Current price: 1.3378
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Market is dollar bullish, and that’s a lot to say these days: after ignoring a weak ADP number, investors jumped into the greenback on better than expected second quarter GDP numbers: an outstanding 4.0% and a revision of previous one from -2.9% to -2.1%. The EUR/USD fell as low as 1.3370 so far today, with selling interest now probably surging around 1.3400. The hourly chart shows price extending below a bearish 20 SMA and indicators heading south in negative territory, while the 4 hours chart presents also a bearish technical tone. With the FED schedule for the American afternoon, the pair may see no follow through in the short term, but as long as below 1.3400/10 the downside is favored, towards 1.3295 strong static support area, November 2013 monthly low.
Support levels: 1.3370 1.3335 1.3295
Resistance levels: 1.3405 1.3440 1.3475
GBP/USD Current price: 1.6908
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The GBP/USD holds so far above the 1.6900 figure, with the downside limited despite general dollar strength. Nevertheless, the pair has broke below a daily ascendant trend line coming from October last year, and the hourly chart presents a strong bearish tone, with 20 SMA heading lower and converging with the broken trend line at 1.6950, and indicators heading strongly south near oversold levels. The 4 hours chart also presents a bearish bias, although the movements are expected to remain limited.
Support levels: 1.6900 1.6850 1.6815
Resistance levels: 1.6950 1.7000 1.7045
USD/JPY Current price: 102.60
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The USD/JPY accelerates higher breaking above 102.35 former resistance, with a strong upward momentum in the hourly chart, ready to test the 102.80/103.00 area. In the 4 hours chart indicators extend higher in overbought levels, but far from suggesting a pullback in the short term. More interesting, the daily chart shows 100 and 200 SMAs both converging in the 102.05 area, level that contained the downside earlier today.
Support levels: 101.95 101.60 101.20
Resistance levels: 102.35 102.80 103.10
AUD/USD Current price: 0.9343
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The AUD/USD broke below 0.9370 before the news, but accelerated south afterwards, steadily approaching critical 0.9330 support. The hourly chart shows indicators with a strong bearish slope despite in oversold levels, while the 4 hours chart shows a quite similar picture, all of which supports at least a test of the mentioned level. A break below seems unlikely until FED, but once below, the pair is exposed to a downward continuation towards 0.9260 midterm strong support.
Support levels: 0.9330 0.9300 0.9260
Resistance levels: 0.9370 0.9420 0.9460
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