EUR/USD Current price: 1.0820
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The American dollar is under strong pressure across the board, having saw a short lived upward correction earlier in the day, with the European opening. Nevertheless, the currency trades at fresh daily lows against most of its major rivals ahead of the US opening. So far there were no fundamental news, but in a few, the US will release its Existing Home Sales figures, whilst ECB's Draghi will testify before the European Parliament's Economic and Monetary Affairs Committee, in Brussels, which should keep markets lively. In the meantime, the EUR/USD pair trades above a critical Fibonacci level, the 38.2% retracement of its latest bearish run between February and March, at 1.0865, the immediate short term support. Having been as high as 1.0910, the 1 hour chart shows that the 20 SMA maintains a strong bullish slope around 1.0820, while the Momentum indicator heads higher above its mid-line and the RSI indicator retraces from overbought levels. In the 4 hours chart the technical indicators have lost their upward strength but remain well above their midlines, while the 20 SMA heads higher below the current price, all of which supports further advances, particularly if the pair accelerates above the mentioned daily high.
Support levels: 1.0865 1.0820 1.0780
Resistance levels: 1.0910 1.0955 1.1000
GBP/USD Current price: 1.4887
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The GBP/USD trades down on the day, having failed to extend gains beyond the 1.4900 level during the European session. The 1 hour chart shows that the 20 SMA capped the latest advance and is now flat acting as dynamic resistance around 1.4925, whilst the technical indicators are turning sharply lower from their midlines, supporting some short term additional declines. In the 4 hours chart the price holds above a bullish 20 SMA, currently providing short term support around 1.4840, whilst the technical indicators have turned lower in positive territory, and particularly the Momentum is trying to break below the 100 level. The daily low stands at 1.4837, which means it will take a downward acceleration below it to confirm a downward continuation for the upcoming hours.
Support levels: 1.4840 1.4800 1.4770
Resistance levels: 1.4925 1.4950 1.5000
USD/JPY Current price: 119.82
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The USD/JPY pair trades below the 120.00 level, consolidating in the short term near the daily low established at 119.73. The 1 hour chart shows that the price extended further below its moving averages that are gaining bearish slope, while the technical indicators hold in bearish territory, showing no directional strength at the time being. In the 4 hours chart the technical indicators have now turned flat near oversold levels, which should at least keep the upside limited.
Support levels: 119.60 119.25 118.80
Resistance levels: 120.00 120.40 120.85
AUD/USD Current price: 0.7818
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The AUD/USD trades above the 0.7800 level, advancing towards its daily high of 0.7833, advancing on dollar weakness. The 1 hour chart shows that the price stands above a bullish 20 SMA, whilst the indicators present mild bullish slopes above their midlines. In the 4 hours chart the technical upward momentum is even stronger, as the indicators maintain their bullish slopes near overbought levels, whilst the 200 EMA contains the downside around the 0.7770 level.
Support levels: 0.7800 0.7770 0.7740
Resistance levels: 0.7840 0.7880 0.7915
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