EUR/USD: demand intact, no matter what

EUR/USD Current price: 1.3580

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Thursday saw EUR/USD trading mostly range bound at its highs, and a corrective movement did not come: the pair added some extra pips to its upward run, reaching 1.3593 before stalling. Market is pretty thin, and will likely remain so ahead of tomorrow US employment data, with little chances, whatever the outcome, of reversing current trend: early this week the pair probed indifferent to risk aversion rallies, in case data disappoints, while a positive number will likely spur high yielders demand.  As for the short term, the hourly chart shows a quite limited bullish tone as per recent range, while in bigger time frames the picture is quite clearer, with 20 SMA heading strongly up below current price and RSI bouncing higher from 70. A weekly close above 1.3600 after the employment report’s euphoria settles, will left doors open for a test of the 1.3850 area later this month. 

Support levels: 1.3540 1.3510 1.3480

Resistance levels: 1.3580 1.3620 1.3660

GBP/USD Current price: 1.5854

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The Pound was benefited by dollar weakness, and the GBP/USD reached 1.5874, a couple of pips above the 38.2% retracement of the latest bearish move, before retracing to current levels. Although nothing is defined with it comes to the double roof figure set at 1.6300 in the daily chart, the fact is that price is above the neckline of 1.5820 immediate support. Steady gains over this last day of the week will deny the possibility of a deeper fall, although with latest economic figures in the UK, the pair is set to continue underperforming compared to EUR/USD. In the short term, the hourly chart shows indicators bullish, and 20 SMA with a strong upward slope below current price. In the 4 hours chart upward momentum is also strong, pointing for further gains today. Watch the 1.5910 area as once above, there will be not much scope for falls.

Support levels: 1.5820 1.5780 1.5740

Resistance levels: 1.5870 1.5910 1.5955

USD/JPY Current price: 91.65

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As usual lately, the USD/JPY skyrocketed to fresh highs after some consolidation, with the pair trading as high as 91.76 today. Standing at levels not seen since June 2010, the bullish momentum remains strong in the hourly chart, with indicators heading north in overbought levels and with no signs of easing yet. In bigger time frames, technical readings also head higher, supporting the shorter term view, yet as stated several times over the past few weeks, the pair does not need technical readings to continue advancing, while retracements will remain being buying opportunities.

Support levels: 91.40 91.10 90.70 

Resistance levels: 91.70 92.05 92.50

AUD/USD: Current price: 1.0421

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The AUD/USD despite ranging, continues to lose its’ shine: a fresh low of 1.0378 was posted this Thursday, while bounces are more shy as time goes by, with the pair now unable to clear the 1.0440/50 price zone. As for the short term, the hourly chart shows price above a flat 20 SMA while indicators stand above their midlines, turning lower. In the 4 hours chart technical readings look more bearish, with indicators retracing from their midlines and 20 SMA flat above current price. Fresh weekly lows should point for a test of the 1.0300/30 price zone. 

Support levels: 1.0380 1.0330 1.0300

Resistance levels: 1.0440 1.0470 1.0500 


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