EUR/USD: ultra thin markets until next week's data explosion

EUR/USD Current price: 1.0612

The forex board is extremely quiet this Thursday, as the US financial markets will remain close due to the Thanksgiving holiday. Additionally, Friday will see an early close, which anticipates little action also for the last day of the week. But during the next one, the ECB will have its economic policy meeting, and the US will release its latest employment figures, both set to rock the market, given that the first is expected to announce an extension of its ongoing facilities programs, and there is also a chance that they will announce negative deposit rates. As for the second, a strong reading should be seen as supportive for a rate hike later in the month.

As for the EUR/USD pair, it has been hovering above the 1.0600 level ever since the day started, maintaining a bearish tone in the short term, as in the 1 hour chart, the price is unable to advance above its 20 SMA, whilst the technical indicators present mild bearish slopes below their mid-lines. In the 4 hours chart, there is also a mild negative tone, although the lack of volume suggests the pair will remain range bound for the rest of the day.

Support levels: 1.0590 1.0550 1.0520

Resistance levels: 1.0630 1.0660 1.0695

GBP/USD Current price: 1.5095

View Live Chart for the GPB/USD

The GBP/USD pair trades lower in range, recovering from a daily low of 1.5065 set at the beginning of the European session. The Pound is having a hard time to advance beyond the 1.5100 level against its American rival, although the 1.5000 level is a tough bone to break and buyers will likely surge on approaches to it. Technically, the 1 hour chart shows that the price is below its 20 SMA, while the technical indicators have lost their upward strength after bouncing from oversold territory, and remain well below their mid-lines. In the 4 hours chart, the price is contained by a bearish 20 SMA while the technical indicators lack directional strength below their mid-lines, maintaining the risk towards the downside.

Support levels: 1.5050 1.5010 1.4980

Resistance levels: 1.5135 1.5160 1.5190

USD/JPY Current price: 122.55

View Live Chart for the USD/JPY

Tight consolidation around 122.50. The USD/JPY pair consolidates in a 30 pips range this Thursday, unable to pick up despite the strong tone in European equities. With no data scheduled for the US session, investors will likely waiting until early Friday to trade the pair, when Japan will release its National and Tokyo inflation figures for October, alongside with some employment and investment data. In the meantime, the 1 hour chart shows that the price remains below a bearish 100 SMA, while the technical indicators present tepid bearish slopes below their mid-lines. In the 4 hours chart, the price hovers below a still bullish 100 SMA, while the technical indicators lack directional strength but remain below their mid-lines, in line with additional declines, particularly on a break below 122.20 a key support.

Support levels: 122.20 121.70 121.35

Resistance levels: 123.00 123.40 123.75

AUD/USD Current price: 0.7225

View Live Chart for the AUD/USD

The AUD/USD pair has retreated partially from its recent highs, although it holds above the 0.7200 level. Despite some dollar's strength, the Aussie is enjoying some demand amid a recovery in global share markets and in overall´s market sentiment. Short term, the pair presents a limited bearish tone, as the price stands below a bearish 20 SMA and the technical indicators head slightly lower below their mid-lines, although a lack of follow through is to be expected across the board. In the 4 hours chart, the price is hovering around its 20 SMA, while the technical indicators eased towards their mid-lines, but remain in positive territory, limiting chances of a stronger decline.

Support levels: 0.7200 0.7150 0.7110

Resistance levels: 0.7240 0.7285 0.7330

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