EUR/USD: still weak in dull trading

EUR/USD Current price: 1.0709

Majors continue trading in limited ranges this Wednesday, with the EUR/USD pair having recovered up to 1.0773 during the Asian session, only to return to the 1.0710 region in the European morning. The macroeconomic calendar still lacks relevant data, with only the German Wholesale price index for October released today that decreased by 1.6% from a year before. US banks will be closed this Wednesday due to Veteran's day, although stocks will trade normally. Nevertheless, there won't be fundamental data to lead investors, and markets are expected to trade uneventfully.

Technically, the 1 hour chart show that the price is pressuring its daily low, and below a flat 20 SMA, while the technical indicators head slightly lower below their mid-lines, lacking momentum at the time being. In the 4 hours chart, the price was unable to advance beyond a bearish 20 SMA, whilst the technical indicators have resumed their declines, reentering negative territory, after a limited upward corrective movement,, increasing chances of a break lower towards fresh multi-month lows.

Support levels: 1.0695 1.0660 1.0620

Resistance levels: 1.0740 1.0775 1.0810

GBP/USD Current price: 1.5176

View Live Chart for the GPB/USD

The British Pound trades at its highest for the week against the greenback, having been on demand ever since the day started. The GBP/USD pair early rally was interrupted by a mixed employment report, which showed that the unemployment rate fell to 5.3%, but at the same time, more people filled for unemployment benefits. The pair saw a limited intraday pullback after the release, but quickly bounced to a fresh high of 1.5193. The technical picture is short term bullish, and the 1 hour chart shows that the price is above a bullish 20 SMA, where buying interest is surging ever since the day started, while the technical indicators are partially losing their upward strength, but holding above their mid-lines. In the 4 hours chart, however, the price has extended well above its 20 SMA that is currently turning flat around the 1.5100 figure, while the technical indicators are advancing to fresh highs, supporting continued intraday advance up to 1.5250.

Support levels: 1.5140 1.5110 1.5070

Resistance levels: 1.5195 1.5250 1.5290

USD/JPY Current price: 123.07

View Live Chart for the USD/JPY

Slightly bearish, sentiment leads. The USD/JPY pair fell down to 122.73 at the beginning of the day, but bounced back above the 123.00 level in a lackluster European session, trading uneventfully a few pips above the figure. The pair seems to be entering a corrective phase after topping around 123.60 last week, but with little downward scope as long as the price holds above the 122.50 level. Technically, the 1 hour chart shows that the price is above a strongly bullish 100 SMA around 122.80, but that the technical indicators have lost their upward strength, and are slowly turning negative below their mid-lines. In the 4 hours chart, the bearish potential has increased, given that the Momentum indicator has extended its decline below its 100 level, whilst the RSI indicator also turned lower, but remains in positive territory, limiting the possible extension of a bearish movement. The upcoming moves will likely depend on US stocks and sentiment, as no macroeconomic data is expected to be released during the upcoming US session.

Support levels: 122.80 122.50 122.20

Resistance levels: 123.45 123.80 124.25

AUD/USD Current price: 0.7055

View Live Chart for the AUD/USD

The AUD/USD pair advanced up to 0.7077 at the beginning of the Asian session, as dollar suffered from some short term selling, but the negative tone for the greenback reversed during the European opening, and the pair trades with a limited positive tone ahead of the US opening, given that the price has managed to recover from a mild bullish 20 SMA, whilst the RSI indicator aims higher above its 50 level, diverging from the momentum indicator that heads south above its mid-line. In the 4 hours chart, the price is aiming to advance above a still bearish 20 SMA, while he technical indicators are heading north above their mid-lines, limiting chances of a sharper decline.

Support levels: 0.7030 0.7000 0.6970

Resistance levels: 0.7070 0.7110 0.7145

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