EUR/USD Current price: 1.3644
View Live Chart for the EUR/USD
FOMC Minutes are out after a long day of waiting, announcing what most market participants suspected, but needed to confirm: tapering may end with a 15B cut in October if the economic outlook holds, but said nothing about rates. So the easing era may be at its end for the US, but the rising rates one has not yet have a date. The Minutes also said that while growth suffered at the beginning of the year, has started to pick up, but that’s not enough to trigger a dollar rally: market players may now realize the end of QE does not mean the country is ready to raise rates.
The EUR/USD advanced up to 1.3642 early US opening, on the back of a stock recovery across the world: European indexes closed mostly up, while US are in green after two days of selling. Initial market reaction saw the pair edging down to 1.3610 from where it quickly bounced back above mentioned daily high. The upward potential seems a bit more constructive now in the short term, with the hourly chart showing price advancing above its 20 SMA as indicators head north above their midlines. In the 4 hours chart technical readings gain also upward tone, with price now struggling to overcome 1.3645, intermediate resistance. Once above, next resistance area comes at 1.3680/1.3700 where a Fibonacci level converges with recent highs.
Support levels: 1.3610 1.3570 1.3530
Resistance levels: 1.3645 1.3675 1.3700
EUR/JPY Current price: 138.58
View Live Chart for the EUR/JPY
The EUR/JPY managed to post some intraday gains, retracing now from a fresh 2-day high of 138.75. Yields are slightly up after the news nothing impressive, with the yen also advancing against the greenback and leaving the cross under mild pressure. The hourly chart shows price stalled around its 200 SMA currently at 138.70 as indicators turn lower near overbought levels. In the 4 hours chart the outlook is a bit more positive as indicators head north and are about to cross their midlines. If the pair ever had a chance of recovering the upside, today’s the day: some upward momentum in Asian share markets may be supportive of a bearish yen, and a test of 139.00 price zone seems likely. Nevertheless a break above it is required to confirm further advances towards 140.40 in the upcoming days.
Support levels: 138.40 137.90 137.40
Resistance levels: 138.90 139.35 139.80
GBP/USD Current price: 1.7153
View Live Chart for the GBP/USD
Pound extends its advance up to 1.7160 in the American afternoon, turning positive on the day. The lack of news in the UK and Europe left the pair at the mercy of stocks and dollar earlier on the day, but again the GBP/USD found buyers on approaches to the 1.7095 static support and seems now ready to resume the upside. The hourly chart shows price recovered above its 20 SMA while indicators turned positive above their midlines. In the 4 hours chart price overcame its 20 SMA and indicators aim higher, still in neutral territory. Immediate resistance stands at 1.7180 this year high, with a break above it exposing 1.7250 midterm resistance.
Support levels: 1.7140 1.7095 1.7060
Resistance levels: 1.7180 1.7220 1.7250
USD/JPY Current price: 101.56
View Live Chart for the USD/JPY
A recovery attempt in THE USD/JPY stalled at 101.85 where price found its 100 SMA in the hourly chart, and quickly turned south back below 101.60. The hourly chart shows an increasing bearish momentum coming from indicators heading south below their midlines, while the 4 hours chart shows indicators also turning south in negative territory, and price well below moving averages. Immediate support still stands at 101.20 and once broken, a retest of the year low around 100.70 seems likely. Advances are seen as selling opportunities, up to 102.35 price zone.
Support levels: 101.60 101.20 100.70
Resistance levels: 101.95 102.35 102.80
AUD/USD Current price: 0.9418
View Live Chart for the AUD/USD
The AUD/USD struggles to overcome 0.9420 resistance, posting its fourth day in a row with gains. Australian employment figures will be released over Asian session, and indeed will bring some action in the pair, as a positive reading may see current recovery extending up to 0.9460 in route to the 0.9500 figure. Technically the hourly chart shows an increasing upward momentum, still a bit shy as price extends above a flat 20 SMA. In the 4 hours chart indicators look still messy but in positive territory, not yet defining a clear direction, although price managed to bounce strongly from a bullish 20 SMA supporting and advance in the pair for the upcoming hours.
Support levels: 0.9370 0.9330 0.9300
Resistance levels: 0.9420 0.9460 0.9500
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.