EUR/USD: under pressure despite no follow through

EUR/USD Current price: 1.3464

View Live Chart for the EUR/USD


The EUR/USD consolidates its latest losses, trading in a tight 20 pips range below former year low of 1.3476, level that capped the upside so far today. With no fundamental data to lead the way, EU consumer confidence and US crude stocks may bring some action later today, albeit seems we are going nowhere far. Technically, the bearish bias remains favored with price hovering around a bearish 20 SMA and indicators turning lower around their midlines. In the 4 hours chart technical readings also favor the downside, with a break below 1.3440/50 area required to confirm a new leg down.

Support levels: 1.3445 1.3410 1.3380

Resistance levels: 1.3500 1.3535 1.3570 

GBP/USD Current price: 1.7031

View Live Chart for the GBP/USD

The GBP/USD trades at a fresh 3-week low on the back of an overall dovish BOE: Minutes showed no change in votes, while later Carney speech shown the Bank has not set timing for a rate move, and that an increase will depend on economic data. The pair quickly approaches critical 1.7000 figure, with the hourly chart showing a strong bearish potential, as per price extending below its 20 SMA and indicators heading lower below their midlines. In the 4 hours chart technical indicators also head south in negative territory, while current candle opened below 200 EMA, first time since mid June, adding to the bearish case. 

Support levels: 1.7020 1.6985 1.6950

Resistance levels: 1.7050 1.7095 1.7120 

USD/JPY Current price: 101.38

View Live Chart for the USD/JPY

The USD/JPY has shown little progress over the last sessions, trading slightly lower on the day, but midrange. The hourly chart shows price hovering around a bearish 100 SMA while indicators head lower below their midlines, keeping the pressure to the downside. In the 4 hours chart however, indicators present a neutral stance, which should limit slides. Stocks trading higher in Europe and US futures also up, will likely contain the downside, albeit some follow through above 101.60 is required to confirm a bullish move ahead.

Support levels: 101.20 101.05 100.70

Resistance levels: 101.60 101.95 102.35 

AUD/USD Current price: 0.9446

View Live Chart for the AUD/USD

Australian dollar soar early Asia, with the release of local inflation numbers: trimmed CPI rose as a faster pace than expected, fueling hopes the RBA may revise its rates on hold stance. The AUD/USD extended its advance after breaking above 0.9420, having so far posted a daily high of 0.9454. The hourly chart shows price well above a bullish 20 SMA and indicators in overbought levels, still far from suggesting a downward correction. In the 4 hours chart technical readings lost the upward strength yet hold in positive territory. Immediate resistance stands at 0.9460, and a break above it should expose the 0.9500 figure. A break below 0.9420 on the other hand, will put the pair back on selling mode towards 0.9370 strong static support.

Support levels: 0.9420 0.9370 0.9330 

Resistance levels: 0.9460 0.9500 0.9540