EUR/USD Current Price: 1.0840
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The dollar trades generally higher as risk aversion eased and oil´s prices are in recovery mode, and the EUR/USD pair trades at fresh daily lows around 1.0835 ahead of the US opening. There were no macroeconomic releases in the EU, and the calendar will remain light also in the US, meaning that market's will be sentiment, and technically driven. Given that stocks are trading higher amid diminishing risk, the pair may extend its decline further, as in the 1 hour chart, the price is below its moving averages whilst the technical indicators head lower below their mid-lines. Also, the pair is currently trading below a strong Fibonacci level, the 38.2% retracement of the December rally at 1.0845, while in the 4 hours chart, the technical indicators are gaining bearish tone below their mid-lines, still lacking enough momentum to confirm a stepper decline.
Support levels: 1.0800 1.0750 1.0715
Resistance levels: 1..0845 1.0880 1.0925
GBP/USD Current price: 1.4431
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The British Pound plunged to a fresh multi-year low against the greenback, down to 1.4413 following the release of poor Industrial and Manufacturing data in the UK. November readings showed that production in the kingdom fell beyond expected, fueling speculation the BOE will remain extremely dovish this week, and that a rate hike will remain out of the table. Technically, the pair is currently oversold, bouncing some from the lows and with the 1 hour chart showing that the technical indicators are aiming higher within extreme levels. In the 4 hours chart, the pair has extended further below a strongly bearish 20 SMA, while the technical indicators are posting tepid bounces in oversold territory, all of which suggests some consolidation for the upcoming hours.
Support levels: 1.4410 1.4380 1.4350
Resistance levels: 1.4470 1.4510 1.4545
USD/JPY Current price: 117.91
View Live Chart for the USD/JPY
Short term bullish, sell at higher levels. The USD/JPY pair hovers around the 118.00 region, still unable to advance beyond it, but trading within positive territory as risk sentiment improved. The 1 hour chart shows that the price is hovering around a bearish 100 SMA, while the technical indicators hold within positive territory, although lacking upward strength. In the 4 hours chart, the technical indicators aim higher, but are still below their mid-lines, whilst the price remains far below its moving averages. The bigger outlook for the pair, however, is still bearish, which means market's players can see rallies as selling opportunities up to the 119.00 region, as only beyond 119.35 the bearish pressure can ease and the pair extend its advance.
Support levels: 1167.60 117.20 116.65
Resistance levels: 118.10 118.50 118.95
AUD/USD Current price: 0.7003
View Live Chart for the AUD/USD
The Australian dollar recovered some ground, improving alongside with market's sentiment. The AUD/USD pair trades around the 0.7000 level, with a shallow short term bullish tone, as in the 1 hour chart, the price is above its 20 SMA, whilst the technical indicators head slightly higher above their mid-lines. In the 4 hours chart, the price is advancing above its 20 SMA whilst the Momentum indicator is crossing its 100 level towards the upside, anticipating some additional gains towards 0.7040, the immediate resistance.
Support levels: 0.6955 0.6905 0.6870
Resistance levels: 0.7040 0.7075 0.7120
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