EUR/USD Current price: 1.1117
View Live Chart for the EUR/USD
The EUR/USD pair traded as low as 1.1103 this Wednesday, weighed by worse than expected Services PMI in the Euro area, and looming ECB meeting this Thursday. The US ADP private survey said the country added 212K new jobs last February, slightly below the 220K expected, and with January reading reviewed to the upside, up to 250K. Early in the US session, the pair trades near the mentioned low, with 1.1150 capping the upside, and the 1 hour chart showing that the price holds below a bearish 20 SMA, whilst indicators turned flat after correcting oversold readings. In the 4 hours chart the bearish tone has lost downward momentum, but is far from signaling a change in the dominant bearish trend. The market may remain on hold ahead of tomorrow's ECB decision, furthermore considering the Central Bank is expected to shed light on the QE program expected to be launched as soon as next week.
Support levels: 1.1095 1.1050 1.1010
Resistance levels: 1.115 1.1180 1.1230
GBP/USD Current price: 1.5378
View Live Chart for the GBP/USD
The GBP/USD pair trades near a three-week low of 1.5315 posted mid February, with a heavy bearish tone as per dollar broad strength against its European rivals. The 1 hour chart shows a strong bearish momentum coming from technical readings as the price extends further below a bearish 20 SMA whilst indicators accelerate lower below their midlines. In the 4 hours chart the price is sliding further below its 200 EMA, while the technical indicators gained bearish strength well below their midlines, supporting additional declines in the short term.
Support levels: 1.5315 1.5280 1.5250
Resistance levels: 1.5340 1.5385 1.5420
USD/JPY Current price: 119.55
View Live Chart for the USD/JPY
The USD/JPY pair continues to trade range bound, finding short term buyers around the 119.40 price zone. The 1 hour chart shows that the pair trades below its 100 SMA, while the technical indicators aim higher around their midlines, lacking directional strength at the time being. In the 4 hours chart the price holds well above its moving averages but the technical indicators head lower below their midlines, keeping the risk towards the downside. Nevertheless, the pair will likely continue to hold in range ahead of US monthly employment figures.
Support levels: 119.40 119.10 118.80
Resistance levels: 119.95 120.45 120.90
AUD/USD Current price: 0.7841
View Live Chart for the AUD/USD
The Australian dollar advanced up to 0.7859 against its American rival, with the pair maintaining its intraday gains. The 1 hour chart shows that the price holds above a flat 20 SMA while the technical indicators are turning south above their midlines. In the 4 hours chart the technical picture favors the upside as the indicators head higher above their midlines whilst the 20 SMA offers intraday support around 0.7800.
Support levels: 0.7800 0.7755 0.7720
Resistance levels: 0.7840 0.7890 0.7925
Recommended Content
Editors’ Picks
AUD/USD: A tough barrier remains around 0.6800
AUD/USD failed to maintain the earlier surpass of the 0.6800 barrier, eventually succumbing to the late rebound in the Greenback following the Fed’s decision to lower its interest rates by 50 bps.
EUR/USD flattens post-Fed rate cut
EUR/USD soared into a fresh high for September after the Federal Reserve surprised markets with a full 50 bps rate cut on Wednesday, pushing risk appetite into the high side and sending traders scrambling for the buy button.
Gold surrenders gains and drops to weekly lows near $2,550
Gold prices reverses the initial uptick to record highs around the $$2,600 per ounce troy, coming under renewed downside pressure and revisiting the $2,550 zone amidst the late recovery in the US Dollar.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Ethereum could rally to $2,817 following Fed's 50 bps rate cut
Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.