EUR/USD Current Price: 1.1081

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Market players are holding their breaths in the European session, after another round of dollar gains dominated the Asian session. The American currency extended its latest advance after the PBoC weakened further the Yuan, but the rally was dull, and financial markets lack volume, as the US Federal Reserve decision looms. Ahead of the US opening, local inflation figures hit the wires, as expected in February at -0.2%. The core reading however, advanced 0.3% against expectations of 0.2%, while yearly basis it jumped to 2.3%. Housing starts in the same month came in better than expected, although building permits decreased. The greenback posted a soft advance with the news, but investors will likely remain side-lined until the FOMC later today during the American afternoon. The technical picture is neutral-to-bearish in the short term, as in the 1 hour chart, the price is unable to advance beyond its 20 SMA, whilst the technical indicators head slightly lower within neutral territory. In the 4 hours chart, the technical picture is also neutral with a slightly imbalance towards the downside. Nevertheless, the pair keeps trading above the 1.1065 level, the 38.2% retracement of the latest bullish run and the immediate support. The pair may see some limited moves ahead of the FED, as the Central Bank has the ability to determinate if the pair can gain directional strength after three days of consolidation. 

Support levels:  1.1065 1.1020 1.0980

Resistance levels: 1.1120 1.1160 1.1200 


GBP/USD Current price: 1.4065

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The British Pound keeps bleeding, down to fresh lows in the 1.4060 region against the greenback, after the release of US inflation and housing data. The UK released its latest employment figures during the European morning, showing that wages rose above expectations, but remain low. The unemployment rate remained steady at 5.1%, while the claimant count change, that is, the people claiming for unemployment benefits, declined by 18K, beating expectations. The GBP/USD pair accelerates its decline ahead of the US opening, with the pair now aiming to break below the 23.6% retracement of this year slide, and the 1 hour chart presenting a strong bearish tone, as the technical indicators resumed their declines, with the RSI indicator actually around 21. In the 4 hours chart, the technical indicators also maintain sharp bearish slopes within oversold territory, all of which supports a continued decline towards the 1.4000 region, and even below, should the FED result more hawkish than-expected.

Support levels: 1.4050 1.4000 1.3965

Resistance levels: 1.4095 1.4130 1.4175


USD/JPY Current price: 113.65

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Neutral above 113.50. The USD/JPY trades near a fresh daily high set at 113.78, holding above the 113.50 Fibonacci level, ever since breaking above it during the past Asian session. The pair however, trades mid-way within its last two-week range, with no clear directional strength. After bottoming around 111.00 the pair entered a consolidative stage, and while it trades over 200 pips above the lows, the upside is still seen limited, as a recovery beyond 115.05, the 38.2% retracement of the latest slump, is required to confirm a continued advance. In the meantime, the market waits for the US Federal Reserve that can be the trigger of some clearer directional move. Short term, the 1 hour chart shows that the price has been bouncing from its 100 SMA, while the technical indicators resumed their advances within positive territory, maintaining the risk towards the upside. In the 4 hours chart, the technical stance is still neutral, with the technical indicators hovering around their mid-lines and the price developing between moving averages. 

Support levels: 113.50 113.00 112.60 

Resistance levels: 113.90 114.40 114.85


AUD/USD Current price: 0.7420

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The AUD/USD pair plummeted to a fresh weekly low of 0.7414, holding nearby ahead of the US opening and looking clearly bearish in the short term. Chinese Central Bank decision to devaluate the Yuan revived concerns on how China's slowdown will affect Australia, keeping the pair under pressure ever since the day started. Technically, the 1 hour chart  favors  a continued decline as the technical indicators head sharply lower below their mid-lines, whilst the price is well below a bearish 20 SMA. In the 4 hours chart, the RSI indicator resumed its decline around 35, while the price is well below its 20 SMA, all of which supports further declines particularly on a break below 0.7390, the immediate support.

Support levels:  0.7390 0.7345 0.7300

Resistance levels: 0.7430 0.7480 0.7530 

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