EUR/USD Current Price: 1.1395

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The American dollar retained the weak tone against most of its major rivals during the Asian session, with most pairs confined to tight ranges in response to a light economic calendar ever since the week started. But things got more interesting during the London session, when the soft opening of local share markets sent the EUR/USD pair up to a fresh year high of 1.1461, and the GBP/USD pair beyond 1.4300, this last on the back of strong local inflation figures.  The greenback was buoyed early in the  US session, rallying particularly against the EUR and the JPY, both weaker amid improved market's sentiment. 

On the data front, Germany released its final CPI readings for March, which matched preliminary readings and therefore failed to affect the pair. German inflation rose 0.3% compared to a year before, while monthly basis, it was up by 0.8%. In the US, the March NFIB survey showed that the slowdown continued for small firms, printing 92.6 against previous 92.9 and a 93.9 expected, but FED's hawks underpinned temporarily the USD, by saying that the central bank could raise rates more than twice this year particularly if inflation rises aggressively. 

The EUR/USD pair bounced from a daily low set at 1.1344, but held below the 1.1400 figure by the end of the day, closing in the red, but within its latest range. Bulls may begin to feel discouraged given that the pair retreated once again from the major resistance level around 1.1460, and result in a steeper downward corrective movement during the upcoming sessions, although the pair needs to extend beyond 1.1330, the base of its latest range, to confirm such decline. From a technical point of view, the 4 hours chart maintains the neutral stance seen on previous updates, as the technical indicators continue hovering around their mid-lines, while the price is currently a few pips below a flat 20 SMA. Nevertheless, the dominant trend is still bullish as long as the price holds above 1.1245, a strong mid-term static support. 

Support levels: 1.1330 1.1280 1.1245

Resistance levels: 1.1420 1.1460 1.1500 


EUR/JPY Current price: 123.60

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The Japanese Yen weakened modestly at the beginning of the day, on the back of a stronger Nikkei as a consequence of a re-surge in risk appetite, and another round of jawboning from local authorities, who stressed out that latest yen's advance are "one-sided" and undesirable, and that they won't hesitate to act if needed. An also weak EUR prevented the EUR/JPY from advancing much, and the pair posted some modest gains daily basis, but was unable to advance beyond 124.00. Short term, the 1 hour chart shows that the price is hovering around a sharply bearish 100 SMA, whilst the technical indicators lack directional strength within positive territory, indicating a limited upward potential at the time being. In the 4 hours chart, the RSI indicator heads slightly higher around 44 whilst the Momentum indicator remains flat around its 100 level, also suggesting limited buying interest around the pair. Some follow through beyond 124.45, a Fibonacci resistance, is required to see the pair develop a more constructive outlook, with scope then to recover up to the 126.00 price zone.

Support levels: 123.20 122.70 122.20 

Resistance levels: 124.10 124.45 124.90


GBP/USD Current price: 1.4254

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The GBP/USD pair advanced for third consecutive day, but trimmed most of its intraday gains, as market still sees advances beyond 1.4300 as a chance to sell. The Sterling was underpinned by a positive surprise in the UK March inflation data, which showed that the CPI rose by 0.5% year-on-year and 0.4% compared to the previous month, although the largest increase came in the core inflation number, up by 1.5% yearly basis. Nevertheless, a relentless negative sentiment towards the Pound prevails ahead of the EU referendum, undermining attempts to recover ground. Dollar's short-lived strength sent the pair down to 1.4200, from where it bounced back to the current 1.4250 price zone. The 1 hour chart presents quite a limited upward tone, as the price is currently struggling around its 20 SMA, whilst the technical indicators hover around neutral territory, lacking directional strength. In the 4 hours chart, the price is well above a bullish 20 SMA, currently around 1.4160, whilst the technical indicators are aiming back higher within positive territory, after correcting from near overbought territory, indicating the pair may try once again to regain the 1.4300 level during the upcoming sessions. 

Support levels: 1.4240 1.4190 1.4150

Resistance levels: 1.4290 1.4330 1.4370 


USD/JPY Current price: 108.59

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The USD/JPY pair advanced modestly this Tuesday, reaching a daily high of 108.67 in the US session, as Japanese authorities offered another round of verbal intervention, as FM Aso said that that Japan will take “proper action” if there are extreme one-sided FX moves. Also, weighing on the safe-haven currency was an improvement in risk-related sentiment, as Asian and European equities closed higher, whilst Wall Street reversed its Monday losses. The risk of further declines remains dormant, as this daily recovery is far from relevant. Short term, the 1 hour chart shows that the price stands a few pips above a strongly bearish 100 SMA, while the technical indicators are retreating from overbought levels, suggesting limited upward scope at the time being. In the 4 hours chart, however, the pair presents a slightly positive tone, as the Momentum indicator is crossing its 100 level towards the upside, whilst the RSI indicator stands flat around 50, suggesting the pair may advance further, particularly on a recovery above 108.90 the immediate resistance. 

Support levels: 108.40 107.95 107.65 

Resistance levels: 108.90 109.35 109.80


AUD/USD Current price: 0.7672

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The AUD/USD pair surged to its highest in two weeks, trading above the 0.7670 level by the end of the day, with the Aussie on demand ever since the day started. The Australian dollar rose early Asia amid a strong improvement in the NAB business conditions and confidence indexes, with the first up to 12 in March from 8 in February, and the second surging to 6 from the previous 3. Later on the day, the antipodean currency found support in a strong rally in commodities, as gold surged to its highest in near a month, and oil rallied to fresh year highs. The AUD/USD pair 1 hour chart shows that the price has met buying interest on approaches to a sharply bullish 20 SMA, currently at 0.7640 whilst the technical indicators present limited upward slopes within bullish territory, due to an intraday slide to the 0.7600 region. In the 4 hours chart, however, the upside potential is stronger, as the technical indicators have resumed their advances after a limited downward correction, whilst the price stands now well above its 20 SMA, which slowly turns north around 0.7580.

Support levels: 0.7640 0.7600 0.7560 

Resistance levels: 0.7690 0.7735 0.7780

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