EUR/USD: Dollar spike short lived

EUR/USD Current price: 1.3817

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The dollar got a boost from better than expected US Retail Sales readings, extending its intraday decline to a daily low of 1.3807, already under pressure albeit ECB jawboning over the weekend. Nevertheless, dollar gains remain limited, as the American currency is giving up ground early US session. As for the EUR/USD technical picture, the hourly chart shows price well above its 20 SMA that gains bearish slope above current price, while indicators head lower below their midlines. In the 4 hours chart technical readings stand also in negative territory, albeit losing their downward potential, limiting for now the downside. A break below the daily low may see the pair extending its slide, albeit buyers will likely surge on approaches to 1.3780 static support.

Support levels: 1.3810 1.3780 1.3750

Resistance levels: 1.3850 1.3890 1.3920

GBP/USD Current price: 1.6719

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The GBP/USD bounces from a daily low of 1.6696, struggling now to recover above the daily descendant trend line coming from this year high, and with the hourly chart showing price still below a bearish 20 SMA and indicators heading south in negative territory. In the 4 hours chart the technical picture remains strongly bearish, with immediate resistance now in the 1.6750 price zone, as per several intraday highs and lows around it: price needs to extend beyond this level to be able to extend its recovery, albeit seems pretty unlikely on this slowmo Monday.

Support levels: 1.6695 1.6660 1.6625

Resistance levels: 1.6750 1.6785 1.6820 

USD/JPY Current price: 101.88

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The USD/JPY jumped up to 102.00 from where the pair is now retracing after faltering to overcome the key figure, presenting a limited upward potential in the hourly chart: price holds above a still bearish 100 SMA while indicators aim higher above their midlines. In the 4 hours chart technical readings present also a bullish tone, albeit unless a clear advance beyond mentioned 102.00 level, sellers will likely remain in control.

Support levels:  101.20 100.70 100.30

Resistance levels: 102.00 102.35 102.60 

AUD/USD Current price: 0.9410

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Australian recovered against the greenback above the 0.9400 mark, holding above the level with positive US stocks opening. The hourly chart shows a mild positive tone with indicators flat above their midlines and price advancing above an also flat 20 SMA. In the 4 hours chart technical indicators maintain a quite neutral stance, as per being flat around their midlines, showing not much strength at the time being: price needs to advance beyond 0.9445 to resume the upside, and will probably take until upcoming Asian session and positive Chinese data to do so.

Support levels: 0.9360 0.9320 0.9290

Resistance levels: 0.9445 0.9485 0.9530