EUR/USD Current price: 1.0830
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The EUR/USD pair surged in the American afternoon to pressure the 61.8% retracement of the latest bearish run between 1.1034 and 1.0519 around 1.0840, on hopes Greece will get a new final extension window, following a short meeting between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel. According to officials, Tsipras "asked that the procedures be sped up so that the Feb 20 decision, which foresees a first interim agreement by the end of April, be implemented." There is no official news on an actual resolution, just hopes. But as it came out right after disappointing US figures, with weekly unemployment claims rising to 295K last week, New Home Sales for March down, and US manufacturing PMI slowing below expected in April, it was enough to fuel dollar's slide. Earlier in the day, the pair fell down to 1.0660, as European Manufacturing PMI's reflected growth in the region decelerated in April, with EZ, German and French readings missing expectations.
Short term, the pair is set to continue advancing, as the price advanced sharply above its moving averages, whilst the technical indicators maintain a strong upward momentum, despite being in extreme overbought territory. In the 4 hours chart the technical indicators also head higher well above their mid-lines, whilst the price advanced well above its moving averages that anyway are all converging in a tight range. A new candle opening beyond the 1.0845 level should keep the risk towards the upside, with scope to advance up to 1.0950 this Friday.
Support levels: 1.0760 1.0730 1.0700
Resistance levels: 1.0800 1.0845 1.0880
EUR/JPY Current price: 129.57
View Live Chart for the EUR/JPYThe upward momentum in the EUR drove the EUR/JPY to a fresh 2-week high in the current region, with the pair holding near its daily high of 129.66 ahead of the Asian opening. The 1 hour chart shows that the price advanced sharply above its moving averages, whilst the Momentum indicator maintains a strong upward slope in overbought territory, albeit the RSI indicator is losing its bullish strength around 64. In the 4 hours chart the price broke above its 200 SMA for the first time since September last year, although the moving average maintains a bearish slope and stands above the 100 SMA, which says is still too early to call for a mid-term upward extension. Nevertheless, the upside is favored towards the 130.00 level, with a break above it probably triggering stops and fueling the advance.
Support levels: 129.45 129.00 128.55
Resistance levels: 130.00 130.50 131.10
GBP/USD Current price: 1.5057
View Live Chart for the GBP/USDThe British Pound was unable to advance to fresh highs against the greenback, as the UK macroeconomic data released earlier in the day, resulted disappointing. The UK Retail Sales for March unexpectedly fell as fuel sales plunged according to the official release, whilst the public sector net borrowing came out at £6.741T. Following the release of such data, the GBP/USD fell to a daily low of 1.4959, albeit quickly recovered above the 1.5000 figure. Technically, the 1 hour chart shows that the technical indicators have turned flat in positive territory, as the price consolidates in a tight range above an also flat 20 SMA, this last around 1.5020. In the 4 hours chart the technical indicators are losing their upward strength, but holding well above their mid-lines, whilst the 20 SMA gains bullish slope around the mentioned daily high. Furthermore, the intraday retracement has held far above the 200 EMA, currently in the 1.4910 region, all of which continues to favor the upside, with a break above 1.5090 favoring an approach to late March high in the 1.5165 region.
Support levels: 1.5020 1.4955 1.4910
Resistance levels: 1.5090 1.5130 1.5165
USD/JPY Current price: 119.43
View Live Chart for the USD/JPYThe USD/JPY pair trades at fresh daily lows by the end of the US session, having failed earlier in the day to establish above the critical 120.00 figure. Worse than expected US data was behind the pair's decline, as the US housing starts slumped 11.4% in March, pulling back from a 7-year high, while a gauge of manufacturing activity by Markit and initial jobless claims came in below expectations. Technically, the 1 hour chart shows that the price is now hovering around its 100 and 200 SMAs, both in a 10 pip range, whilst the technical indicators head lower well into negative territory. The 38.2% retracement of its latest daily decline between 120.83 and 118.52 stands at 119.40, as is now the immediate support. In the 4 hours chart the price stalled below its 200 SMA and is now trading also below the 100 SMA, while the technical indicators are aiming to cross their mid-lines to the downside, still not signaling a stronger downward move. A break below the mentioned Fibonacci support however, should confirm the bearish continuation during the upcoming hours, eyeing a retest of this month low at 118.52.
Support levels: 119.40 119.00 118.50
Resistance levels: 119.65 120.10 120.50
AUD/USD Current price: 0.7775
View Live Chart for the AUD/USDAfter posting a daily low of 0.7710, the AUD/USD pair surged on the back of broad dollar weakness, having flirted with the 0.7800 figure in the American afternoon. A bounce in commodities is also supporting the pair, with iron-ore up near 6% this week. Technically however, the pair remains trading within the early week range, and the 1 hour chart shows that, despite in positive territory, the technical indicators lack directional strength. In the same chart the price stands above a bullish 20 SMA, whilst in the 4 hours chart the technical indicators are losing their upward slopes and heading towards their mid-lines, whilst the 20 SMA aims slightly higher around the 0.7740 level. For the most, the outlook is neutral as, despite dollar's ongoing weakness, the risk of a rate cut in Australia in May will likely keep AUD rallies limited and investors will be seeing them as selling opportunities.
Support levels: 0.7750 0.7705 0.7665
Resistance levels: 0.7800 0.7840 0.7890
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