EUR/USD: unable to settle above 1.0700

EUR/USD Current price: 1.0690

The EUR/USD pair advanced up to 1.0717 twice this Thursday, having presented the usual behavior of advancing at the beginning of the day on strong stocks moves, but failing to extend the rally and with the dollar strengthening ahead of the US opening. So far, the only piece of data released in Europe showed that the current account of the euro area recorded a surplus of €29.4 billion in September. Also, the minutes of the latest ECB meeting where released this morning, but showed nothing new.

The American dollar trades generally lower as, despite the FOMC Minutes released last Wednesday opened doors for a US December rate hike, but were far from confirming it. The 1 hour chart for the pair shows that sellers surged on approaches to the 200 SMA, whilst the technical indicators have turned south towards their mid-lines, increasing chances of a downward continuation. In the same chart, however, the 20 SMA maintains a bullish slope below the current level around 1.0680, an immediate short term support. In the 4 hours chart, the price is a handful of pips above a mild bearish 20 SMA, whilst the technical indicators have turned lower around their mid-lines, showing no actual directional strength at the time being.

Support levels: 1.0680 1.0630 1.0585

Resistance levels: 1.0720 1.0750 1.0790

GBP/USD Current price: 1.526

View Live Chart for the GPB/USD

The GBP/USD pair surged up to 1.5293 early in the European morning, but gave up most of its intraday gains after the release of worse-than-expected UK Retail Sales, down by 0.6% in October. Compared to a year before, sales rose by 3.8% against market expectations of a 4.2% advance. The pair fell down to 1.5232 on the news, but recovered pretty fast towards the 1.5260 region, where it stands, suggesting buying interest still predominates around the pair. Short term, the 1 hour chart shows that the price is above a bullish 20 SMA, whilst the technical indicators have retreated from overbought levels, but have lost their bearish strength, suggesting the latest downward corrective movement is already completed. In the 4 hours chart, the price has stalled around its 200 EMA, which remains as the immediate resistance, while the technical indicators remain in positive territory, but lack upward strength at the time being.

Support levels: 1.5245 1.5200 1.5160

Resistance levels: 1.5290 1.5320 1.5355

USD/JPY Current price: 123.12

View Live Chart for the USD/JPY

Bouncing from 123.00, upside limited. Dollar's weakness has sent the USD/JPY down to 122.97 during the European session, from where the pair is slowly trying to bounce, ahead of the US opening. In the US, weekly unemployment claims came in line with expectations at 271K in the week ending November 13, yet the pair is still aiming higher afterwards. The 1 hour chart shows that the price briefly fell below its moving averages but that is back above them, whilst the technical indicators are bouncing from near oversold levels, but are still below their mid-lines, limiting chances of a stronger rally at the time being. In the 4 hours chart, the technical indicators are also recovering in negative territory, which suggests further gains are only likely on an upward acceleration above 123.40, the immediate resistance.

Support levels: 122.90 122.50 122.30

Resistance levels: 123.40 123.75 124.10

AUD/USD Current price: 0.7158

View Live Chart for the AUD/USD

The Australian dollar enjoyed some demand against its American counterpart after the release of the US Minutes, extending its rally up to 0.7179 before easing some ahead of the US opening, as commodities are losing their early strength. Short term, the 1 hour chart shows that the price is well above a bullish 20 SMA, but that the technical indicators are retreating from overbought territory, in line with the current decline. In the 4 hours chart, the technical indicators are also losing their upward strength but well above their mid-lines, limiting chances of a downward move as long as the price holds above 0.7150, the immediate support.

Support levels: 0.7150 0.7110 0.7070

Resistance levels: 0.7190 0.7240 0.7285

Share: Analysis feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.