EUR/USD Current price: 1.1365
View Live Chart for the EUR/USDThe EUR/USD pair recovered up to 1.1422 this Tuesday on the back of tepid American data and more SNB. Early Europe, the Switzerland National Bank vice chairman announced the Bank is watching franc against EUR and USD, and may intervene if necessary, giving the EUR some intraday support and boosting the pair above the 1.1300 figure. But most of dollar weakness came from US indexes fall, as disappointing earnings reports drove DJIA down around 380 points intraday. US Durable Goods Orders decreased 3.4% in December a straight 4-month drop, and pointing out the global slowdown is affecting American companies. Later on the day, Markit Services PMI and Consumer confidence ticked higher yet were not enough to revive dollar demand. The FED will have its first meeting of the year tomorrow, and market players are anticipating the Central Bank may hold back on a rate hike considering inflation is likely to remain subdue. Nevertheless, majors will likely range ahead of the news, for most of this upcoming Wednesday.
From a technical point of view, the 1 hour chart shows that the EUR/USD pair trades around the 50% retracement of the post ECB QE announcement fall, although price holds well above its 20 SMA and indicators regain the upside after a limited correction from overbought levels. In the 4 hours chart technical indicators maintain a strong upward momentum, while 20 SMA turns flat below current price, suggesting the rally may extend, particularly if the pair manages to extend its gains above 1.1440, the 61.8% retracement of the same rally.
Support levels: 1.1335 1.1310 1.1250
Resistance levels: 1.1400 1.1440 1.1485
EUR/JPY Current price: 133.99
View Live Chart for the EUR/JPYThe EUR/JPY pair struggles around the 134.00 figure, having followed EUR/USD in its upward corrective movement. The Japanese yen strengthened earlier on the day, as stocks fell in the US, but late recovery in index from their daily lows, push the JPY lower in the American afternoon. The 1 hour chart for the pair shows that price pressures the 100 SMA around current levels, whilst indicators hold above their midlines, albeit showing no actual strength. The pair has corrected the 50% of its latest fall, with immediate support now at 133.70. In the 4 hours chart indicators are biased higher above their midlines, supporting a continued advance particularly if the pair manages to break above 134.55, 61.8% retracement of the same decline.
Support levels: 133.70 133.25 132.85
Resistance levels: 134.55 135.10 135.65
GBP/USD Current price: 1.5200
View Live Chart for the GBP/USDThe GBP/USD pair posted a strong intraday advance, considering it bounced from a daily low of 1.5054 reached after UK GDP release. In the European morning, news showed the UK economic growth slowed more than expected in 2014 as it only grew 0.5% in the last quarter of the year, leaving the annual rate at 2.7%. But strong demand surged on former highs and the pair finally triggered stops above 1.5125, reaching 1.5224 fresh 2-weeks high. Technically, the pair remains biased higher, as the 1 hour chart shows 20 SMA advancing strongly higher well below current price, whilst indicators turn flat in overbought territory, far from signaling an upcoming downward move. In the 4 hours chart indicators also present a strong bullish tone, supporting the shorter term view. A break above mentioned high should lead to an advance up to 1.5330, 200 EMA in this last time frame, while bulls may hesitate if price eases back below the 1.5120/30 price zone.
Support levels: 1.5170 1.5125 1.5080
Resistance levels: 1.5225 1.5265 1.5300
USD/JPY Current price: 117.84
View Live Chart for the USD/JPYThe USD/JPY pair remained contained within its latest range despite stocks’ strong slide and US 10Y yields falling down to 1.80%, as the pair bounced from a daily low of 117.33. The one hour chart shows 20 SMA crossed below the 100 one above current price, capping the upside around 118.00, while indicators turned lower right below their midlines, after correcting oversold readings. In the 4 hours chart the price stands below its moving averages whilst indicators present a mild bearish tone, as per heading lower right below their midlines. Wednesday FED decision may be the trigger the pair needs to breakout its range: if the Central Bank suggests a rate hike may be delayed to late in the year, stocks will welcome the news and the pair may follow, reverting the ongoing heavy short term tone.
Support levels: 117.60 117.30 117.00
Resistance levels: 118.00 118.40 118.90
AUD/USD Current price: 0.7933
View Live Chart of the AUD/USDAustralian dollar remained subdued against the greenback, as the pair saw a limited advance up to 0.7974 before easing back towards its daily opening level. Aussie will have to face local inflation data to be release during the upcoming Asian session, expected to have shrink to 1.8% in the last quarter of 2014, against previous quarter reading of 2.3%. A reading below expected should keep the pair in bearish mode, while strong selling interest still stands around the 0.7965 price zone. The 1 hour chart shows that price broke below its 20 SMA while indicators head lower below their midlines, pointing for some further declines in the short term. In the 4 hours chart price struggles around a strongly bearish 20 SMA, while indicators hovers around their midlines, diverging from each other and therefore not giving a clear directional bias.
Support levels: 0.7900 0.7860 0.7820
Resistance levels: 0.7965 0.8000 0.8040
Recommended Content
Editors’ Picks
USD/JPY advances toward 149.50 ahead of crucial BoJ policy decision
USD/JPY is rising toward 149.50 in the Asian session on Tuesday, picking up fresh bids. Traders keenly await the highly-anticipated Bank of Japan policy decision. The BoJ's outlook on the negative interest rate policy and the Yield Curve Control (YCC) will play a key role in influencing the Japanese Yen.
AUD/USD creeps lower to test 0.6550 ahead of RBA’s decision
AUD/USD is grinding lower to test the 0.6550 level in Asian trading on Tuesday. The Aussie Dollar stays on the defensive against the US Dollar as markets prepare for the Reserve Bank of Australia's extended pause but the Bank's rate outlook will hold the key.
Gold stays afloat despite high US yields as traders focus on Fed policy
Gold sees a modest increase, as investors watch this week's central bank meetings. Focus remains on the Federal Reserve, where a hawkish stance could potentially impact XAU/USD price while bolstering the US Dollar.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market is crashing. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late.
Australia Interest Rate Decision Preview: RBA set to stand pat after discussing rate hikes in February
The Reserve Bank of Australia is widely expected to hold the Official Cash Rate steady at a 12-year high of 4.35% following the conclusion of its March monetary policy meeting on Tuesday. The decision will be announced at 03:30 GMT.