EUR/USD Current price: 1.1150
View Live Chart for the EUR/USD
The EUR/USD pair trades at its lowest level in almost 2 weeks, having fell as low as 1.1159 with the European opening, on the back of ECB's officers talks over QE and Greece. Executive Board member Coeure said that the Central Bank will likely accelerate its bond purchases on May and June because of seasonal factors, whilst added that negative rates are actually no risk for the ECB. Also, EU Commission chief Junker said that there are no chances they will reach a deal with Greece, increasing exponentially the risk of a default in the troubled country. Macroeconomic data was not EUR supportive either, as the German ZEW survey showed that economic sentiment fell to its lowest since late December, whilst EU inflation remained steady at 0.0% yearly basis in April. The EUR/USD aimed to regain the 1.1200 figure, but failed to do so ahead of US housing data that surprised to the upside: building permits and housing starts, both beat expectations in April, giving additional support to the greenback. Technically, the 1 hour chart shows that price stands well below its moving averages, whilst the technical indicators head sharply lower despite being in oversold levels. In the 4 hours chart, the technical picture alos favors the downside, with the pair nearing 1.1120, a critical Fibonacci support, as a break below it exposes the 1.1000 figure for the upcoming sessions.
Support levels: 1.1120 1.1050 1.1000
Resistance levels: 1.1200 1.1245 1.2280
GBP/USD Current price: 1.5460
View Live Chart for the GBP/USD
The GBP/USD pair fell to its lowest level in six days amid poor UK inflation readings, showing annual CPI fell into negative territory for the first time since 1960, while at the same time, house prices in the UK increased by 9.6% in March compared to a year before. The pair fell down to 1.5528, struggling around the 38.2% retracement of its latest bullish run, before finally triggering stops and accelerating south below the 1.5500 figure. Technically, the 1 hour chart shows that the price is pressuring the 50% retracement of the same rally in the 1.5450 region, while the technical readings support additional declines. In the 4 hours chart, the Momentum indicator heads sharply lower well into negative territory, whilst the RSI also heads south around 25, supporting the shorter term view.
Support levels: 1.5440 1.5400 1.5360
Resistance levels: 1.5490 1.5530 1.5565
USD/JPY Current price: 120.40
View Live Chart for the USD/JPY
Broad dollar strength pushed the USD/JPY above the 120.00 level for the first time this week, although the pair continued to lack any kind of directional strength, consolidating steady below the 120.20 level ahead of surprise positive US data that boosted the pair higher. Now breaking above the 120.40 figure, the 1 hour chart shows that the price is extending above its moving averages, while the technical indicators head sharply higher after bouncing from their mid-lines. In the 4 hours chart, the RSI anticipates further advances, heading higher around 70, albeit the Momentum indicator is flat above 100, not yet reflecting the latest advance. The immediate resistance stands in the 120.40/50 region, with a break above it favoring an approach to the 121.00 figure.
Support levels: 120.10 119.60 119.20
Resistance levels: 120.45 120.85 121.25
AUD/USD Current price: 0.7945
View Live Chart for the AUD/USD
The Aussie was hit by the RBA Minutes early Asia, as the Central Bank left open the possibility of cutting rates further. Furthermore, board members had agreed not to give guidance on future policy action at that time, sending the AUD/USD pair to a daily low of 0.7955. The pair aimed to recover the lost ground, but selling interest surged around the 0.8000 figure, now the immediate resistance. In the short term, the technical picture favors the downside, as positive US data has sent the pair further lower, down to 0.7035. The 1 hour chart shows that the price stands below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines. In the 4 hours chart, the 20 SMA turned lower and now offers dynamic resistance around 0.8010, whilst the technical indicators stand in negative territory, supporting further slides should the price break below the mentioned 0.7935 daily low.
Support levels: 0.7935 0.7910 0.7860
Resistance levels: 0.8010 0.8040 0.8080
Recommended Content
Editors’ Picks
AUD/USD: Extra gains in the pipeline above 0.6520
AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.
EUR/USD meets support around 1.0650
EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
Bitcoin price reclaims $59K as Fed leaves rates unchanged
The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting.
The market welcomes the Fed's statement
The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.