EUR/USD Current price: 1.0728
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News that Greece has cash enough to face its upcoming maturities and won't have financial issues until late June, has brought relief to the common currency that advanced up to 1.0800. Sellers however surged around the critical figure, sending the pair back lower ahead of the US opening. Market's mood has found also support from better-than-expected inflation readings in Australia, released during the past Asian session, sending the dollar generally lower across the board. In Europe, Italy released its monthly inflation readings, slightly above expectations and also supportive of a EUR rally. Nevertheless, and despite broad dollar weakness, the EUR retraces sharply alongside with the CHF, on news the SNB announced pension funds can be subject to negative rates. Technically, the 1 hour chart shows that the price broke below its 20 and 100 SMAs, now the immediate support level around 1.0745, whilst the technical indicators are aiming higher and breaking below their mid-lines. In the 4 hours chart, a mild negative tone prevails, as the technical indicators head lower below their mid-lines, whilst the price stands below its moving averages. Addional declines below 1.0715 should lead to a stronger decline, eyeing 1.0630 as a probable daily low.
Support levels: 1.0715 1.0680 1.0630
Resistance levels: 1.0770 1.0810 1.0850
GBP/USD Current price: 1.5072
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The British Pound soared against the greenback to a fresh 6-week high following the release of the Bank of England Minutes, showing that all MPC members voted to keep interest rates and the APP unchanged, but also agreed that the next rate move will likely be an increase. The Central Bank also warned that inflation may fall into negative territory during the upcoming months, but is also confident it will pick up during 2016. Despite the Bank did not clarify when the so long awaited rate hike may take place, the market decided anyway to buy the GBP. Trading near its daily highs, the risk of a hung Parliament in upcoming May elections should see limited Pound gains over the upcoming days. However, the short term picture maintains a strong bullish tone, with the 1 hour chart showing that the technical indicators continue to head higher despite in extreme overbought levels, whilst the price advanced above its 20 SMA. In the 4 hours chart, the Momentum indicator heads strongly higher above its mid-line, supporting the shorter term view, with the next short term resistance at the 1.5100 level.
Support levels: 1.5040 1.5000 1.4970
Resistance levels: 1.5100 1.5130 1.5165
USD/JPY Current price: 119.57
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The USD/JPY pair continues to trade uneventfully in the 119.50 region, having been confined to a limited range for most of this week. The 1 hour chart presents a limited bearish tone, as the technical indicators are retracing in negative territory after failing around their mid-lines whilst the price hovers around a bearish 200 SMA. In the same chart, the 100 SMA offers support in the 119.20 level, albeit both moving averages are quite horizontal, reflecting the lack of directional strength. In the 4 hours chart the technical indicators head strongly higher above their mid-lines, but the price is unable to settle above its 100 SMA, currently around 119.70.
Support levels: 119.20 118.90 118.50
Resistance levels: 119.80 120.10 120.50
AUD/USD Current price: 0.7783
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The Australian dollar got a nice boost from local inflation figures, as trimmed inflation yearly basis, rose to 2.3%, diminishing chances of a sooner rate cut in the country. The AUD/USD pair surged to a daily high of 0.7806, consolidating near the high ahead of the US opening. The 1 hour chart shows that the 20 SMA maintains a strong bullish slope below the current level, currently in the 0.7740 region, whilst the technical indicators are regaining the upside in positive territory after correcting overbought readings. In the 4 hours chart however, the technical readings maintain a neutral stance, with the 20 SMA flat around 0.7750 and the technical indicators directionless around their mid-lines. Renewed buying interest above the mentioned high should lead to an advance up to the 0.7845 price zone, this month highs, while the bearish pressure should increase if the price loses the mentioned 0.7740 level.
Support levels: 0.7740 0.7685 0.7640
Resistance levels: 0.7800 0.7840 0.7890
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