EUR/USD Current Price: 1.1282
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Following a dull start of the day, the dollar came under selling pressure mid European morning, as risk sentiment turned sour, following a decline in crude oil prices towards $40.00 a barrel. The EUR/USD spiked up to 1.1296 from where it quickly retreated, signaling some short term selling interest aligned around the level. The pair, however, hold on to gains around the 1.1280, ahead of the US opening. In the meantime, the EU released its latest trade balance figures, showing that the EU surplus in February this year was of €19.0B compared with €20.0 B in February 2015. The US NY manufacturing index advanced to 9.56 in April, well above previous 0.62 and the 2.21 expected, resulting in some partial dollar gains, given that more data awaits.
Technically, the EUR/USD pair 1 hour chart shows that the upward potential remains limited, given that the technical indicators have lost upward strength within positive territory, and whilst the price develops above a horizontal 20 SMA, the 100 SMA presents a strong bearish slope well above the current level. In the 4 hours chart, the technical indicators have bounced from oversold readings but remain well below their mid-lines, whilst the 20 SMA presents a strong bearish slope around the 1.1300 level.
Support levels: 1.1235 1.1200 1.1160
Resistance levels: 1.13001.1335 1.1380
GBP/USD Current price: 1.4175
View Live Chart for the GBP/USD
The GBP/USD pair trades uneventfully this Friday, with an early advance being quickly reversed on a test of the 1.4200 level. Fears over a Brexit resumed after the latest polls showed that votes are split hand and half between those who want to leave and those who want to stay. In the short term, there's no clear directional strength, as the price is slightly above its 20 SMA, but the technical indicators have turned south within positive territory. In the 4 hours chart, a bearish 20 SMA capped the upside, whilst the technical indicators hold below their mid-lines, diverging from each other. Poised to close the week in the red, the Pound may see some action during the upcoming Asian opening, in reaction to the result of the OPEC and non-OPEC producers meeting in Doha.
Support levels: 1.4130 1.4090 1.4050
Resistance levels: 1..4200 1.4240 1.4285
USD/JPY Current price: 108.94
View Live Chart for the USD/JPY
Bearish, 108.00 eyed. The USD/JPY pair recovers from a daily low of 108.79, as better-than-expected US data, put a halt to the previously ongoing decline. While there was is still more US macroeconomic releases pending, including Industrial Production and the Michigan consumer sentiment survey, the downside is still favored, as dollar gains in the pair, are being seen as selling opportunities. Short term, the 1 hour chart shows that the price is barely holding above its 100 SMA, whilst the technical indicators have retreated from near oversold levels, not yet enough to confirm further advances. In the 4 hours chart, the technical indicators are neutral, flat around their mid-lines, but the price remains well below its moving averages. A break below the mentioned low should lead to a continued decline during US trading hours, particularly if upcoming data disappoints.
Support levels: 108.80 108.40 107.95
Resistance levels: 109.20 109.50 110.00
AUD/USD Current price: 0.7692
View Live Chart for the AUD/USD
The Australian dollar hold on to its early strength against the greenback, but the early rally in the AUD/USD stalled below yesterday's high of 0.7736. The pair slips not on dollar strength, but tracking the decline in oil and stocks, and upcoming moves will remain related to them. Technically, the 1 hour chart shows that the price is now below its 20 SMA, whilst the technical indicators are crossing their mid-lines towards the downside, suggesting the decline may extend on a downward acceleration below 0.7690. In the 4 hours chart, the downside seems limited, given that the price holds above a bullish 20 SMA, while the Momentum indicator bounced from its 100 level, and the RSI hovers around 57, all of which suggest that declines will be taken by investors as buying opportunities.
Support levels: 0.7690 0.7650 0.7610
Resistance levels: 0.7735 0.7760 0.7800
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