EUR up, AUD down

EUR/USD Current price: 1.3374

The EUR/USD broke higher this Thursday, leading the battle against the greenback, as most of its majors rivals ended up down against the dollar. Early data with improved PMI readings and current account in the EU, overshadowed the fact that Spain unemployment reached an historical high of 26.2%. And while authorities may claim the worse is over, thereÃ¢â‚¬â„¢s still a long way ahead to talk about recovery in the area. Nevertheless the EUR gained appeal and ground against most rivals, with the EUR/USD entering Asian session near its daily high, and with a short term bullish tone according to technical readings, as indicators head north above their midlines, while price broke above the daily descendant trend line, both now around 1.3330. A break of 1.3400/10 is what it takes to see the pair triggering stops and accelerate higher, pointing then to the 1.3485 price zone.

Support levels: 1.3350 1.3320 1.3290

Resistance levels: 1.3400 1.3445 1.3485

GBP/USD Current price: 1.5787

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The Pound nose dived against the greenback, falling as low as 1.5755 after UK PM Cameron talked about a referendum on remaining in the EU. Standing at levels not seen since August last year, the GBP/USD hourly chart shows indicators turning flat in negative territory, as price stands below a still bearish 20 SMA, which reflects recent consolidation near mentioned low. In the 4 hours chart momentum heads south below 100 as 20 SMA caps the upside now around 1.5825, static resistance area. Overall, the downside remains favored, looking now for a short term run towards 1.5730 as long as mentioned resistance holds.

Support levels: 1.5760 1.5730 1.5700

Resistance levels: 1.5820 1.5850 1.5885

USD/JPY Current price: 90.33

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The USD/JPY reached a 2-year high of 90.54 today, firming above the 90.00 level after past Asian session comments of Japanese authorities that suggested a desirable 100.00 level for the pair. Extremely overbought in the hourly chart, indicators barely corrected before regaining the upside, and the pair usually dismisses overbought/sold readings when a trend is in place, like now. Maybe not the best time to buy, as retracements are a possibility, the 90.00 area will now act as immediate support and saw late buyers joining the party. Main target is the 92.50 price zone as commented on previous updates.

Support levels: 90.00 89.60 89.20

Resistance levels: 90.50 90.80 91.10

AUD/USD: Current price: 1.0449

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Investors decided to price in an Australian rate cut next February, and along with gold weakness, both facts helped AUD/USD fell to current levels. The break below 1.0490 is now quite significant, and the hourly chart shows the bearish momentum remains healthy: renewed selling pressure below the 1.0430 area will put the pair under further pressure, although 1.0390 is the level to beat to see a midterm downside continuation.

Support levels: 1.0430 1.0390 1.0345

Resistance levels: 1.0455 1.0490 1.0520