EUR/USD Current price: 1.3646
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Latest US ADP survey printing an outstanding 281K, the best reading in near 2 years, resulted in a good measure of self strength for most of the rest of the major currencies: while Pound retraced some 20idish pips from a fresh year high posted early Europe, the EUR/USD extends its decline to a 2-day low, back well below its 200 DMA. The hourly chart shows price was contained by a bearish 20 SMA early Wednesday, while indicators extend lower in negative territory. In the 4 hours chart technical readings also present a mild bearish tone, as per price developing a bearish 20 SMA and indicators heading south around their midlines: some further downside towards 1.3610 is possible, albeit the market may remain cautious ahead of Thursday fundamental releases.
Support levels: 1.3645 1.3610 1.3570
Resistance levels: 1.3675 1.3700 1.3735
GBP/USD Current price: 1.7151
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The GBP/USD trades around its daily opening after reaching a new year high of 1.7176 on the back of strong Construction PMI readings in the UK. The hourly chart shows price hovering around its 20 SMA that lost the strong upward momentum seen yesterday, as indicators turn lower still in neutral territory. In the 4 hours chart indicators are finally correcting overbought readings from the past couple days, yet if price holds above 1.7130, there’s little room to the downside.
Support levels: 1.7130 1.7095 1.7060
Resistance levels: 1.7180 1.7220 1.7250
USD/JPY Current price: 101.69
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The USD/JPY regained some ground after ADP readings, stalling at its 200 SMA in the hourly chart, but maintaining a bullish tone in the short term. In the 4 hours chart technical readings also present a strong upward momentum, with scope now to extend towards the 102.00 figure. If US indexes continue yesterday’s run, then higher targets are likely, up to 102.80 tops for the day.
Support levels: 101.60 101.20 100.70
Resistance levels: 102.00 102.35 102.80
AUD/USD Current price: 0.9440
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Worse than expected Australian trade balance figures weighted on AUD that broke below 0.9460 against the greenback, and maintains a bearish tone early US session. The AUD/USD hourly chart shows indicators with a strong negative tone despite in oversold readings, while 20 SMA turns south around mentioned level, now immediate intraday resistance. In the 4 hours chart price pressures its 20 SMA while indicators head lower and approach their midlines. The downward momentum can accelerate on a break below 0.9420, while a recovery above 0.9460 should see the pair returning to the 0.9500 price zone.
Support levels: 0.9420 0.9370 0.9335
Resistance levels: 0.9460 0.9500 0.9550
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