EUR/USD Current price: 1.3377
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The EUR/USD maintains a heavy tone, approaching yesterday’s low after failing to overcome the 1.3400 figure during the past couple sessions. Fundamental news were no help, with EU inflation ticking down to 0.4% yearly basis, leaving the area at the verge of deflation. Technically, the hourly chart shows price below its 20 SMA and indicators heading south in negative territory, while the 4 hours also presents a bearish stance, all of which keeps the pressure to the downside. Nevertheless, market players may remain cautious ahead of Friday’s employment figures, but looking for more dollar gains if 1.3370 gives up.
Support levels: 1.3370 1.3335 1.3295
Resistance levels: 1.3405 1.3440 1.3475
GBP/USD Current price: 1.6862
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The GBP/USD extends its monthly decline against the greenback, approaching 1.6850 static support. Dollar momentum may have decelerated but gives no signs of giving ground so further losses can be expected, particularly if the mentioned level gives up. Technically, the hourly chart shows indicators clearly heading south despite in oversold levels, while 20 SMA attracted sellers earlier on the day. In the 4 hours chart indicators are also biased lower, supporting the shorter term view.
Support levels: 1.6850 1.6815 1.6770
Resistance levels: 1.6880 1.6920 1.6950
USD/JPY Current price: 102.94
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The USD/JPY holds a few pips below the 103.00 mark pretty strong early US session and despite the strong slide in local share markets. The hourly chart shows indicators mostly flat in positive territory, reflecting current consolidative stance of the pair, with immediate intraday resistance around 103.10, yesterday’s high. In the 4 hours chart indicators are also flat still in extreme overbought territory. Risk to the downside comes from stocks, as further slides there may drag the pair lower, with a break below 102.80 pointing for a possible test o 102.30/40 price zone.
Support levels: 102.80 102.35 101.95
Resistance levels: 103.10 103.40 103.80
AUD/USD Current price: 0.9288
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A hurdle of negative data in Australia during past Asian session: export price index fell sharply due to what we have been commenting, weaker prices for iron and coal, the country two biggest exports, adding also a slowdown in credit growth and a drop in home-building approvals. The AUD/USD accelerated below 0.9300 and quickly approaches 0.9260 strong midterm support. Not expecting a break below it at least in the short term, risk will come from US employment figures on Friday, as if they boost the greenback, the pair may end the week sub 0.9200. Technically, both 1 and 4 hours chart shows price below bearish 20 SMAs and indicators heading south in oversold territory, supporting the fundamental picture.
Support levels: 0.9260 0.9220 0.9175
Resistance levels: 0.9300 0.9330 0.9370
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