EUR/USD Current Price: 1.0820

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The financial world continues swinging at the rhythm marked by oil's prices. The commodity extended its rally during Asian hours, but quickly reversed course, and slid down to the $31.00 region, resulting in a tepid recovery of the common currency. German's IFO survey showed that confidence in local business fell for a second month in-a-row in January, down to 107.3 from a revised 108.6 in December. Nevertheless, the report hardly affected the EUR that trades in a limited range against its American rival. The US session will bring a minor report, the Dallas FED manufacturing business index, while late in the Afternoon, ECB's President, Mario Draghi, is  due to speak at the Deutsche Borse New Year's reception, in Frankfurt, hardly expected to make a relevant announcement. 

As for the technical picture, the EUR/USD pair trades above the 1.0800 figure, and the 1 hour chart shows that the price is developing below a flat 20 SMA, but below the 100 and 200 SMAs in the 1.0880 region, while the technical indicators lack directional strength, but stand within positive territory. In the 4 hours chart, however, the risk remains towards the downside, as the 20 SMA heads lower around 1.0845, also the 38.2% retracement of the December rally, while the technical indicators hover in bearish territory. 

Support levels: 1.0780 1.0745 1.0710

Resistance levels: 1.0845 1.0890 1.0925 


GBP/USD Current price: 1.4254

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The GBP/USD pair trades uneventfully around its daily opening, still in retreat mode after reaching 1.4361 last Friday. With no relevant data released in the UK, the 1 hour chart for the pair shows that its currently capped by a bearish 20 SMA, around 1.4280, while the technical indicators hover around their mid-lines with the Momentum indicator flat and the RSI turning south around 46. In the 4 hours chart, however, the price is a few pips above a mild bullish 20 SMA, around 1.4220 and the immediate support, while the technical indicators present bullish slopes above their mid-lines, in line with further recoveries, particularly on a break above the mentioned 1.4280 level.

Support levels: 1.4220 1.4190 1.4160

Resistance levels: 1.280 1.4325 1.4360


USD/JPY Current price: 118.42

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The USD/JPY pair falls this Monday, having been unable to advance beyond Friday's high, around 118.90, given that the level stands for the 38.2% retracement of the daily slide between 123.54, December 18th high, and 115.96, January 20th low. Currently trading around 118.40, the 1 hour chart shows that the 100 and 200 SMAs converge around 117.60, well below the current level, but that the technical indicators have turned slightly lower below their mid-lines, maintaining the risk towards the downside. In the 4 hours chart, the technical indicators have retreated from overbought territory, but hold well above their mid-lines, whilst the price stands above its 100 SMA. The pair needs to advance beyond the 118.90 region to resume its advance, with 119.35 being the next strong resistance, while below 117.80, a Fibonacci support, the bearish tone will likely extend for the rest of the day. 

Support levels: 118.25 117.80 117.50 

Resistance levels: 119.00 119.35 119.70


AUD/USD Current price: 0.6978

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The AUD/USD pair traded as low as 0.6966 this Monday, holding a few pips above the level ahead of the US opening. Given that oil prices are in retreat mode, commodity currencies are also under pressure. The 1 hour chart for the pair shows that the 20 SMA turned sharply lower above the current level, while the technical indicators head slightly lower below their mid-lines, in line with further declines. In the 4 hours chart, the 20 SMA heads strongly higher around the mentioned daily low, while the technical indicators continue heading lower within towards their mid-lines, in line with the shorter term outlook. 

Support levels: 0.6960 0.6920 0.6870   

Resistance levels: 07000 0.7040 0.7075 

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