EUR/USD Current price: 1.2610
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Dollar is under mild pressure across the board, with investors probably taking some profits out of the table ahead of upcoming key readings, and despite a better than expected ADP, up to 213K suggesting a good NFP number for next Friday. In Europe, Manufacturing PMIs resulted negative, with EZ and German ones missing expectations. The EUR/USD fell as low as 1.2581 before regaining the 1.2600 level, with the 1 hour chart now showing price below its 20 SMA and momentum still heading south in negative territory. In the 4 hours chart the bearish tone prevails, albeit RSI aims higher above 30, supporting current upward correction: critical resistance stands around 1.2650, a daily descendant trend line coming from 1.2880 region, and 20 SMA in the 4 hours chart.
Support levels: 1.2570 1.2540 1.2510
Resistance levels: 1.2620 1.2650 1.2690
GBP/USD Current price: 1.6214
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The GBP/USD trades a few pips above its daily opening, having however posted a lower low for the day at 1.6161 on the back of a weak UK Manufacturing PMI readings. The pair however, remains below 1.6230/40 area, and it will take a recovery above it to confirm further intraday gains. In the 1 hour chart, price stands above a flat 20 SMA while indicators aim higher in neutral territory, showing no actual strength. In the 4 hours chart 20 SMA heads lower around mentioned resistance area, also the 61.8% retracement of the latest bullish run, while indicators aim higher still below their midlines, supporting the shorter term view.
Support levels: 1.6160 1.6120 1.6085
Resistance levels: 1.6235 1.6260 1.6290
USD/JPY Current price: 109.58
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The USD/JPY reached 110.08 from where is now retracing strongly on the back of dollar selling, holding however, well above the 109.00 mark. The 1 hour chart shows price above moving averages, while indicators turned strongly south, currently crossing their midlines to the downside. In the 4 hours chart indicators also turned lower and approach their midlines, with further downward accelerations below 109.45 pointing for an approach to the 109.00 price zone.
Support levels: 109.45 109.15 108.90
Resistance levels: 109.80 110.20 110.50
AUD/USD Current price: 0.8714
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The AUD/USD suffered a kneejerk in Asia, down to 0.8661 on the day, albeit trading now back above 0.8700. The short term picture presents a mild bearish tone, with price hovering around a bearish 20 SMA and indicators in negative territory, showing no directional strength at the time being. In the 4 hours chart indicators stand around their midlines, while 20 SMA heads lower a few pips above current price limiting the upside around 0.8720.
Support levels: 0.8710 0.8680 0.8635
Resistance levels: 0.8720 0.8765 0.8800
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