EUR/USD Current price: 1.1232
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The EUR/USD pair extended its decline and quotes at the lowest of the week after the release of much better-than-expected advanced GDP readings for the second quarter. The US has grown 3.7% according to the preliminary figures, surpassing expectations of 3.2%. Also, weekly unemployment claims for the week ending August 22 printed 271, better than the 274K expected. The EUR/USD 1 hour chart shows that the price holds near the lows, and below its moving averages, whilst the technical indicators remain flat in oversold levels. In the 4 hours chart, the price is well below a bearish 20 SMA, whilst the technical indicators head lower near oversold territory, maintaining the risk towards the downside.
Support levels: 1.1220 1.1185 1.1150
Resistance levels: 1.1260 1.1300 1.1345
GBP/USD Current price: 1.5418
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The GBP/USD extended its decline down to 1.5399, maintaining a strong negative tone and with the 1 hour chart showing that the price was unable to advance beyond its 20 SMA, currently offering a strong dynamic resistance around 1.5460, while the RSI indicator heads lower around 20, and the Momentum indicator retreats from its 100 level. In the 4 hours chart the technical readings are in extreme oversold levels, but also maintaining their sharp bearish slopes, supporting additional declines for the upcoming hours.
Support levels: 1.5370 1.5335 1.5290
Resistance levels: 1.5425 1.5460 1.5500
USD/JPY Current price: 120.55
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The USD/JPY advanced just a few pips above its former daily high and reached 120.63 with the news, a really shallow advanced taking into account the positive surprise triggered by US GDP data. The 1 hour chart shows that the price is now above its 100 SMA, and above the 50% retracement of these last two weeks decline around 120.30, the immediate support. In the same chart, the technical indicators head higher above their mid-lines, but lack upward momentum. In the 4 hours chart, the upside seems a bit more constructive, with the immediate bullish target at 121.00 the 100 DMA, followed by 121.35, the 61.8% retracement of the same rally.
Support levels: 120.30 119.90 119.60
Resistance levels: 121.00 121.35 121.70
AUD/USD Current price: 0.7131
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The AUD/USD eases from a daily high of 0.7170, trading a few pips above its daily opening, pretty much flat on the day. The short term technical picture shows that in the 1 hour chart, the price is a couple of pips above a bullish 20 SMA, whilst the technical indicators hover around their mid-lines, lacking clear directional strength. In the 4 hours chart the upside was limited by a still bearish 20 SMA ever since the day started, whilst the RSI indicator resumes its decline near 41, maintaining the risk towards the downside.
Support levels: 0.7110 0.7070 0.7030
Resistance levels: 0.7145 0.7190 0.7240
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