EUR/USD Current price: 1.0580
View Live Chart for the EUR/USD
The EUR/USD pair trades near a fresh low set at 1.0562, having however bounced from the level ahead of the US opening. Germany release its Retail Sales figures for October, which grew by 2.1% from a year before, but fell by 0.4% monthly basis, and also published the preliminary readings of November inflation, which met expectations, rising 0.4% yearly basis. The data has done little for the EUR, which continues trading below the 1.0600 level against the greenback, and maintains a bearish short term tone. The fact is that investors are waiting for some major events, including the ECB during the upcoming days, and some further range trading should be expected, with the downside still favored and mostly on a break below 1.0550.
In the 1 hour chart, the price is being limited by a bearish 20 SMA, while the technical indicators have recovered within negative territory, but remain below their mid-lines. In the 4 hours chart, a mild negative tone prevails, as the price is also below a bearish 20 SMA, while the technical indicators remain horizontal below their mid-lines, showing no actual directional strength, but maintaining the risk towards the downside.
Support levels: 1.0550 1.0520 1.9485
Resistance levels: 1.0620 1.0660 1.0695
GBP/USD Current price: 1.5015
View Live Chart for the GPB/USD
The GBP/USD pair flirted with the 1.5000 figure early Europe, following the release of the UK Money figures for October. Despite the figures are not big market movers, they weighed on an already weakened Pound. consumer credit in October decreased to £1.178B against previous £1.261B, while less mortgages than-expected were approved in the same month, 69.63K against 68.87K previous. The pair however bounced from a low set at 1.4992, and the 1 hour chart shows that the technical indicators are heading higher from near oversold levels, but are still below their mid-lines, whilst the price stands a few pips below a bearish 20 SMA. In the 4 hours chart, the technical indicators have turned higher in negative territory, whilst the 20 SMA heads lower around 1.5070, providing a strong intraday resistance in the case of a recovery.
Support levels: 1.5050 1.5010 1.4980
Resistance levels: 1.5135 1.5170 1.5200
USD/JPY Current price: 123.05
View Live Chart for the USD/JPY
Above 123.00, but still bearish. The USD/JPY pair recovered above the 123.00 figure by the end of the Asian session, but bulls began to desist on a test of the 123.10 region. The pair has advanced some 40 pips ever since the day started, quite an irrelevant move, considering its now trading some pips above the 122.80, its comfort zone for most of the past week. Given the large number of fundamental events that will be released during this week, there are little hopes of an USD/JPY relevant move in the short term. Technically, the 1 hour chart shows that the price has recovered above its 100 and 200 SMAs, although the shorter stands below the largest, limiting chances of a more sustainable rally. In the same chart, the technical indicators are turning lower near overbought readings, also limiting advances. In the 4 hours chart, the technical indicators turned higher above their mid-lines, with the RSI indicator now turning flat above its mid-line, suggesting some range for the upcoming hours.
Support levels: 122.60 122.20 121.70
Resistance levels: 123.10 123.40 123.75
AUD/USD Current price: 0.7214
View Live Chart for the AUD/USD
The AUD/USD pair traded as low as 0.7174 during the Asian session, recovering later above the 0.7200 on a tepid up-tick in the monthly RD securities inflation preview for November. The pair presents a limited upward toe in the short term, as the price is above a bullish 20 SMA in the 1 hour chart, where the technical indicators also head higher above their mid-lines. In the 4 hours chart, however, the price is struggling around a bearish 20 SMA, whilst the technical indicators have lost their upward strength below their mid-lines, suggesting some further advances are required to confirm a steadier recovery during the upcoming sessions.
Support levels: 0.7200 0.7150 0.7110
Resistance levels: 0.7240 0.7285 0.7330
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