EUR/USD Current price: 1.0860
View Live Chart for the EUR/USD
The EUR/USD pair bounces from a fresh daily lows in the 1.0810 area ahead of the US opening, as the dollar was broadly higher across the board, ever since the day started. Early in the day, Germany released its monthly inflation figures for March that met expectations, down to 0.5% monthly basis, whilst in the US, Personal consumption figures grew less than expected in February, up 0.1%, despite Personal income surged 0.4%. The EUR/USD pair maintains a bearish short term tone, as the 1 hour chart shows that the price develops below its 20 and 100 SMAs, whilst the technical indicators present tepid bearish slopes below their mid-lines. In the 4 hours chart the price holds below its 20 SMA, while the technical indicators stand in negative territory, albeit flat at the time being. Renewed selling interest that drives the pair below 1.0790, should lead to a steadier decline, eyeing 1.0710, the 23.6% retracement of the latest daily fall.
Support levels: 1.0790 1.0755 1.0710
Resistance levels: 1.0865 1.0910 1.0950
GBP/USD Current price: 1.4802
View Live Chart for the GBP/USDThe GBP/USD pair fell down to 1.4752 this Monday, keeping a short term bearish bias, despite recovering now up to 1.4800, as the 1 hour chart shows that the 20 SMA gained bearish slope well above the current price, now offering dynamic resistance around 1.4850, whilst the technical indicators remain in negative territory. In the 4 hours chart the bearish momentum is even stronger, as the price was rejected earlier in the day from a bearish 20 SMA, whilst the technical indicators head sharply lower below their midlines. The immediate support is now the 1.4730 area, with a break below signaling a probable downward continuation towards the 1.4690 price zone.
Support levels: 1.4740 1.4690 1.4660
Resistance levels: 1.4815 1.4850 1.4890
USD/JPY Current price: 119.90
View Live Chart for the USD/JPYThe USD/JPY pair advanced up to 120.04, finally halting the rally around the key psychological figure. The pair is founding intraday support in rising stocks around the world, and the 1 hour chart shows that the price extended above the 100 and 200 SMAs, although indicators are beginning to look exhausted in overbought territory, suggesting an upcoming short term downward correction. In the 4 hours chart the price stands around the 200 SMA, whilst the technical indicators are well into positive territory albeit also losing upward strength. The immediate support comes at 119.65, and sellers should surge on approaches to the level, whilst only an upward acceleration above 120.10 should signal further intraday gains towards the 120.80 price zone.
Support levels: 119.65 119.20 118.80
Resistance levels: 120.10 120.45 120.80
AUD/USD Current price: 0.7655
View Live Chart for the AUD/USDAustralian dollar is under strong selling pressure since the day started, trading against the greenback near a fresh 2-week low set at 0.7640. There has been no catalyst behind the slide, although investors are largely anticipating an RBA rate cut this week. In the meantime, the 1 hour chart shows that the technical indicators maintain a strong bearish tone despite in oversold territory, whilst the 20 SMA stands well above the current price, currently at 0.7710 offering an intraday dynamic resistance. In the 4 hours chart the technical indicators are also heading south despite in oversold territory, supporting the overall negative tone in the pair. Upward short term corrections would be seen as selling opportunities rather than a sign of reversal, up to the 0.7745 level.
Support levels: 0.7640 0.7625 0.7580
Resistance levels:0.7710 0.7745 0.7790
Recommended Content
Editors’ Picks
AUD/USD stays directed toward 0.6500 as RBA's Bullock speaks
AUD/USD is extending losses toward 0.6500 in Asian trading on Tuesday. The Aussie Dollar remains offered after the Reserve Bank of Australia extended the pause. Markets digest the less hawkish policy statement while Governor Bullock's press conference gets underway.
USD/JPY holds gains below 150.00 on the expected BoJ rate hike
USD/JPY holds gains below 150.00, as the Japanese Yen stays vulnerable amid a classic 'sell the fact' trading on the hawkish BoJ decision. The BoJ lifted the interest rate by 10 basis points (bps) from -0.1% to 0% for the first time since 2007 and abandoned the YCC framework.
Gold price flat-lines above one-week low, awaits the crucial Fed decision on Wednesday
Gold price oscillates in a range and is influenced by a combination of diverging forces. Hawkish Fed expectations, elevated US bond yields and a bullish USD cap the upside. Geopolitical risks lend some support to the XAU/USD ahead of the key FOMC meeting.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin price downside momentum continues to gain strength, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle. For the meantime, however, spot BTC ETFs remain the main play in the market.
Lots of tension ahead of this week's Fed decision
Last week, we got a strong round of US economic data accompanied by hotter US inflation reads. The takeaway of course is that there might be a lot more pressure on the Fed to be looking to scale back its rate cut outlook at this week’s meeting.