EUR/USD: holding the range

EUR/USD Current price: 1.1335

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The EUR/USD pair advanced up to 1.1388, a fresh 3-day high, as the dollar came under broad pressure after Yellen announced yesterday that there won't be a rate hike at least for the next couple of meetings. There have been no fundamental releases that could affect the price of the pair, but both, Yellen from the FED and Draghi from the ECB, are due to testify before their respective Parliaments in separated events during the upcoming hours. In the meantime, the pair trades within its latest range, and the 1 hour chart shows that the price is now contained below its 20 SMA that converges with 100 one around 1.1350, while the indicators present a tepid bearish slope around their midlines. In the 4 hours chart the technical picture remains neutral, as the price needs either to break below 1.1250, or to advance above 1.1440, to be able to gain some directional potential.

Support levels: 1.1320 1.1280 1.1250 

Resistance levels: 1.1380 1.1440 1.1485

GBP/USD Current price: 1.5485

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The GBP/USD pair advanced up to 1.5538 this Tuesday, retracing from the level more on profit taking ahead of the upcoming Central Bank's heads speeches than because of dollar strength. From a technical point of view, the 1 hour chart shows that the price holds above a bullish 20 SMA although indicators turned lower, now approaching their midlines. In the 4 hours chart the price holds also above a bullish 20 SMA while the technical indicators are retracing from near overbought levels, still well above their midlines. If the price manages to recover above 1.5500, the pair will likely continue advancing towards the 1.5582 level this year high. 

Support levels: 1.5450 1.5420 1.5390 

Resistance levels: 1.5500 1.5535 1.5580 

USD/JPY Current price: 119.04

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The USD/JPY recovers above the 119.00 level early in the US session, having found support around the 118.60 level. The 1 hour chart shows that the price extends above its 100 and 200 SMAs while indicators head higher above their midlines, supporting additional advances in the short term, albeit some follow through beyond the 119.40 level is required to confirm a stronger advance. In the 4 hours chart, the technical picture is neutral to bullish, as the price found intraday support in a bullish 10 SMA, but indicators lack directional strength.

Support levels: 118.60 118.25 117.80 

Resistance levels:  119.40 119.85 120.20

AUD/USD Current price: 0.7892

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The Australian dollar continues advancing, having flirted with the 0.7900 level against the greenback. The antipodean currency found support in Chinese data, as the HSBC Flash Manufacturing PMI surprised with a rise above the critical 50 mark, up to 50.1 points for February. Technically, the 1 hour chart shows that the technical indicators are retracing from overbought levels, although the price holds near the highs, suggesting the pair has still scope to advance. In the 4 hours chart the price stalled at the 200 EMA, currently around 0.7900, having been unable to sustain gains above it since July 2014. Therefore, a continued advance above it during the upcoming sessions, should signal an interim bottom in the pair with chances of a break above the 0.8000 mark.

Support levels: 0.7865 0.7830 0.7780 

Resistance levels: 0.7900 0.7940 0.7990