EUR/USD: back above 1.3100, upside still rough

EUR/USD Current price: 1.3113

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The EUR/USD surged during US session, favored by a strong lack of fundamental data (nothing besides a positive Canadian PMI), and market chatters about the ECB to remain on hold later this week. The slow progress halted so far at 1.3120 resistance level, and the hourly chart shows early Asian session, price well above 20 SMA, slowly gaining bullish slope, and indicators slightly exhausted to the upside near overbought extremes. In the 4 hours chart indicators head higher, approaching quickly to their midlines as price stands above a still bearish 20 SMA. Overall, bulls remain hesitant yet as long as above 1.3080, the upside is favored with a break above Monday’s high pointing for a test of 1.3150 key resistance area. If above this last, expect more sustained buying interest today.

Support levels: 1.3080 1.3040 1.3000 

Resistance levels: 1.3120 1.3145 1.3190

GBP/USD Current price: 1.6112

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Pound recovered ground against the greenback, mostly as a reflection on Euro gains. The pair reached so far 1.6116, trading right below and with hourly chart showing there’s still room to go: indicators head north in positive territory, while 20 SMA gained ground, offering now static support around 1.6080 former high. In the 4 hours chart, indicators are still quite far below their midlines, although the upside seems now favored, towards 1.6170 resistance zone.

Support levels: 1.6100 1.6065 1.6025

Resistance levels: 1.6120 1.6170 1.6210

USD/JPY Current price: 87.78

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Trading near the base of recent range around 87.60, the USD/JPY has held pretty well to recent gains. The short term bearish tone  seen early US session has eased, and indicators in the hourly stand around their midlines, suggesting not enough selling interest around to trigger a deeper correction yet.  Moving averages below current price continue heading higher, another technical factor that limits the downside. In the 4 hours chart, indicators corrected overbought readings, and approach their midlines, although still in positive territory. Key support for current session is located at 87.30/40 area, where the pair presents several intraday highs from last week:  a break below should trigger some profit taking, with 86.80 then at sight. 

Support levels: 87.60 87.30 87.00

Resistance levels: 88.10 88.40 88.70 

AUD/USD: Current price: 1.0501

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AUD/USD continues consolidating around 1.0500, unable to break above 1.0525 resistance area, yet finding buyers on dips. The pair has managed to erase most of post FOMC and NFP losses, and enters Asian session with a positive short term tone: the hourly chart shows indicators heading higher above their midlines as price moves away above 20 SMA. In the 4 hours chart technical readings stand in neutral territory, reflecting the lack of strength. Dips up towards 1.0390 could hardly harm the upward trend, and will mostly be seen as buying opportunities, while an acceleration above 1.0525 will see the pair approaching 1.0600 level over the upcoming sessions.

Support levels: 1.0470 1.0430 1.0400

Resistance levels: 1.0525 1.0550 1.0600


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