EUR/USD: lower in range

EUR/USD Current price: 1.2724

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Dollar picks up early US session, supported by the final revision of Q2 GDP, that reached levels not seen since ends of 2011, at a 4.6% annualized rate, as expected. Market reaction has been however limited with no surprises, and ahead of next week fundamental data. Short term, the EUR/USD 1 hour chart shows price extending below its 20 SMA and momentum heading lower into negative territory, albeit RSI bounces from oversold levels. In the 4 hours chart the overall technical stance remains clearly bearish, with a break below 1.2700 required to confirm a new downward movement towards 1.2660 price zone.

Support levels:  1.2700 1.2660 1.2625

Resistance levels: 1.2775 1.2820 1.2850

GBP/USD Current price: 1.6293

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The GBP/USD trades lower within range, testing recent lows in the 1.6270/80 price zone. The pair has shown little directional strength lately, which leaves the short term  outlook neutral: the 1 hour chart shows price below a flat 20 SMA and momentum heading lower around 100. In the 4 hours chart the bearish momentum builds up, with price extending below a mild bearish 20 SMA and momentum accelerating lower into negative territory. Still further slides are required to confirm a move lower, eyeing then 1.6220/40 price zone.

Support levels: 1.6275 1.6225 1.6190

Resistance levels: 1.6345 1.6415 1.6460 

USD/JPY Current price: 109.10

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The USD/JPY recouped the 109.00 level on the back of a strong Nikkei that closed strongly up, barely 100 points away from this year high. US data however, has not been enough to trigger a break beyond 109.45 in the USD/JPY, still the critical resistance level to overcome to see the pair resuming its bullish trend. In the 1 hour chart, indicators lose upward potential but hold in positive territory, while 100 SMA offers support in the 108.90 price zone. In the 4 hours chart technical readings stand in positive territory but directionless, suggesting more range for these last trading hours of the week. 

Support levels: 108.90 108.50 108.20 

Resistance levels:  109.45 109.80 110.20

AUD/USD Current price: 0.8784

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Australian dollar continues to post lower low daily basis against the greenback, this time reaching 0.8747. Bouncing from the level, the hourly chart shows price nearing its 20 SMA with indicators mixed below their midlines. In the 4 hours chart 20 SMA maintains a bearish slope above current price while momentum heads south below 100, limiting chances of a strong recovery for today.

Support levels: 0.8745 0.8710 0.8680

Resistance levels: 0.8770 0.8800 0.8840