EUR/USD Current price: 1.3312
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The EUR/USD extended its range today having been as low as 1.3266 and as high as 1.3370, only to head into the US session at the same level it did yesterday, around 1.3310/20 Fibonacci zone. Loads of noise lead to no definitions in price action, stuck in the same range from a week already. The hourly chart, presents a slightly bearish tone, as indicators head south nearing their midlines, while current candle opened back below 20 SMA. In the 4 hours chart however, technical readings are mostly neutral, also presenting a slightly bearish tone. Renewed pressure below 1.3290 may see the pair approaching again the 1.3250/60 area, yet only below this last bears will be in control.
Support levels: 1.3290 1.3250 1.3220
Resistance levels: 1.3330 1.3350 1.3375
GBP/USD Current price: 1.5869
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The GBP/USD managed to bounce again from the 1.5800/10 area, maintaining an intraday positive tone. The upside however, remains limited: Pound is not being an attractive buy these days, weighted by increasing public debt that may threaten the UK rating, along with continued fears of a triple dip. As for the short term, the hourly chart shows technical readings standing in positive territory, yet with no strength to push higher. In the 4 hours chart the bearish potential remains intact, with 20 SMA heading strongly lower and capping price at current level. Price needs to regain and hold above 1.5910/20 area, to erase the bearish momentum and be able to extend its recovery in the short term.
Support levels: 1.5850 1.5820 1.5770
Resistance levels: 1.5885 1.5915 1.5950
USD/JPY Current price: 88.84
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Contradictory readings came from the BOJ early Tuesday, as the bank announced its determination to end years of economic stagnation, saying it would switch to an open-ended commitment to buying assets next year and double its inflation target to 2%, while announcing an open-ended asset purchasing program, will only start in 2014. Japanese yen soared across the board after the news, sending USD/JPY to a daily low of 88.35. The hourly chart shows price recovering from the level, as indicators head slowly higher from oversold readings, still in negative territory, while price stands well below 100 and 200 SMA’s now offering dynamic resistance. In bigger time frames technical readings hold a bearish tone, suggesting another run lower that may reach 87.70 area, without actually affecting the long term bullish trend. Steady gains above 89.10, will deny the bearish tone in the short term and further recoveries may take place today.
Support levels: 88.80 88.35 88.00
Resistance levels: 89.10 89.45 89.85
AUD/USD: Current price: 1.0563
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The AUD/USD posted an impressive came back compared to other high yielders, regaining and standing above 1.0550 mark. The hourly chart shows price well above a strongly bullish 20 SMA while indicators saturate in overbought territory. In the 4 hours chart momentum heads higher above 100, while 20 SMA slowly turns up below current price, all of which suggests the pair may attempt a retest of the 1.0600 area. However, only once above this last the bulls will lead, with scope then to extend towards the 1.0660 price zone.
Support levels: 1.0550 1.0520 1.0490
Resistance levels: 1.0575 1.0600 1.0660
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