EUR/USD Current Price: 1.1335
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The dollar advances ahead of the US opening, helped by a tepid bounce in stocks and a firmer tone in oil's prices, as the commodity bounced and US futures trade near $37.00 a barrel. Data coming from the EU showed that German Industrial Production improved in February, but the poor factory orders published last Tuesday neutralized the positive news. During the upcoming hours, the US will release its latest crude oil stockpiles data, whilst later on will publish the Minutes of the latest FOMC meeting. The common currency is still reluctant to give up against its American rival, as the pair quotes around Friday's low, having been as low as 1.1326 so far today. In the 1 hour chart, the EUR/USD pair is biased lower, as the technical indicators head sharply lower within bearish territory, whilst the 20 SMA has turned lower above the current level. In the 4 hours chart, the downward momentum is limited, as the indicator has turned north below its 100 level, while the 20 SMA maintains its neutral stance around 1.1380. Renewed selling pressure below the daily low, should lead to a continued decline during the upcoming hours, particularly if markets gives a positive interpretation of the FED's minutes.
Support levels: 1.1330 1.1280 1.1245
Resistance levels: 1.1410 1.1460 1.1500
GBP/USD Current price: 1.4033
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The GBP/USD pair plummeted to 1.4004, as the Pound remains as the weakest dollar's rival. There were no macroeconomic releases in the UK, and won't be any relevant reading coming out until Friday, with industrial and manufacturing figures for March. From a technical point of view, the pair may see some upward corrective movement in the short term, as in the 1 hour chart, the technical indicators are bouncing from extreme oversold levels, but still far from suggesting an upward continuation. In the same chart, the 20 SMA has extended further its decline, and stands now in the 1.4130 region, providing a strong dynamic resistance in the case of a recovery. In the 4 hours chart, the technical picture favors the downside, given that the technical indicator keep heading lower below their mid-lines, whilst the 20 SMA has accelerated its decline below the 200 EMA.
Support levels: 1.4000 1.3965 1.3930
Resistance levels: 1.4050 1.4090 1.4130
USD/JPY Current price: 110.39
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Looking for levels below 110.00. The USD/JPY pair trades uneventfully near its recent lows, having met some short term selling interest on attempts to advance beyond the 110.60 level, the immediate resistance. The Nikkei closed pretty much flat, down by 17 points, stabilizing after nose-diving for two days in-a-row. Technically, the risk remains towards the downside, as the line in the sand to confirm a long-term u-turn stands at 115.00. Short term, the 1 hour chart present a neutral-to-bearish stance, as the technical indicators hover around their mid-lines, whilst the 100 SMA has extended its decline above the current level, standing now at 111.20. In the 4 hours chart, the RSI indicator consolidates around 30, while the Momentum indicator has recovered some ground and heads north within negative territory, whilst the price remains far below its moving averages, all of which supports some further declines. The FED's Minutes will decide the tone, ad it somehow today's stance is more dovish than-expected, the pair may well approach to 109.00 ahead of the next Asian opening.
Support levels: 109.90 109.50 109.10
Resistance levels: 110.60 111.20 111.60
AUD/USD Current price: 0.7544
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The Australian dollar has managed to hold above the 0.7500 level against its American rival, but retains the weak tone seen over the last few days. The AUD/USD pair rallied up to 0.7568, boosted by positive Chinese data, but retreated afterwards, suggesting that buying interest continues to diminish. From a technical point of view, however, the 1 hour chart shows that the technical indicators lack directional strength around their mid-lines, whilst the price is a handful of pips below its 20 SMA. In the 4 hours chart, however, the price is well below a bearish 20 SMA, whilst the technical indicators have managed to bounce some from oversold readings, but are far from supporting additional gains, maintaining the risk towards the downside. Should the price extend below 0.7500, the pair can extend its downward corrective movement towards 0.7425 this Wednesday, en route to 0.7380, the 38.2% retracement of this year's rally.
Support levels: 0.7500 0.7460 0.7425
Resistance levels: 0.7540 0.7575 0.7620
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