EUR/USD: 1.3000/1.2880 the levels to watch

EUR/USD Current price: 1.2958

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Dollar lost ground across the board after inflation in the US resulted negative monthly basis down to -0.2% first time below 0.0% since October 2013, but market movements remain limited ahead of FED economic policy decision later on the day. The EUR/USD retraces from a high of 1.2980 finding short term sellers on approaches to the 1.3000 figure; the 1 hour chart shows no directional strength coming from technical readings as it has been over the past sessions, with all eyes now placed on the outcome of the FED meeting: levels to watch then will be 1.3000 figure to the upside, or 1.2880 to the downside as a break of either extreme will likely set the trend for the upcoming days. 

Support levels: 1.2950 1.2910 1.2870 

Resistance levels: 1.2990 1.3045 1.3080

GBP/USD Current price: 1.6329

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The GBP/USD extends its early gains in the US session, advancing so far up to 1.6351, helped by improved employment figures in the UK. The pair has not only filled the gap left 2 weeks ago, but also extended up to the 50% retracement of this September slide, maintaining an overall positive tone in the short term: the hourly chart shows price well above its 20 SMA and indicators grinding higher in positive territory. In the 4 hours chart momentum heads north above 100 with chances of an extension up to 1.6420 if the FED disappoints market.

Support levels: 1.6315 1.6250 1.6220 

Resistance levels: 1.6350 1.6385 1.6420

USD/JPY Current price: 107.28

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The USD/JPY short term downward move after worse than expected US data, was not enough to approach to 107.00, with the pair barely 10 pips away from its recent highs. The 1 hour chart however, maintains a quite neutral stance as per recent tight 40 pips range, with price holding above its 100 SMA. In the 4 hours chart indicators also turned flat with momentum around 100, with investors now in wait and see mode. 

Support levels: 106.80 106.50 106.10

Resistance levels: 107.40 107.90 108.20

AUD/USD Current price: 0.9060

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The AUD/USD retraces from its highs around 0.9110 posted yesterday, with the pair pressuring now former resistance area now immediate support of 0.9050. The 1 hour chart shows price below 20 SMA and indicators below their midlines, albeit showing no downward strength at the time being. In the 4 hours chart indicators maintain a positive tone, with momentum heading higher above 100 and 20 SMA offering support around 0.9040. 

Support levels: 0.9040 0.8990 0.8955

Resistance levels: 0.9110 0.9150 0.9190