EUR/USD Current Price: 1.1310

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Little goes on in the FX board, although sentiment has turned sour as oil plummeted over 4% at the beginning of the day, following the oil producers' meeting in Doha, as no agreement was reached to freeze oil's output. Uncertainty reigns among forex traders, with majors unable to find a certain direction. With no releases in Europe, and no relevant macro data scheduled in the US, the EUR/USD pair is poised to advance in the short term, as in the 1 hour chart, the technical indicators head north within bullish territory, whilst the price aims to advance above its 20 and 100 SMAs. The price is currently struggling with the 23.6% retracement of the latest bullish run, while a strong resistance comes at 1.1330, the base of the range that contained the price during the last two weeks. In the 4 hours chart, the technical indicators also head higher within positive territory, but the 20 SMA heads slightly lower, below the current level, and the 100 SMA remains above it. 

Support levels: 1.1270 1.1235 1.1200 

Resistance levels: 1.1335 1.1380 1.1420

 

GBP/USD Current price: 1.4184

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The GBP/USD pair is neutral this Monday, consolidating below the 1.4200 level, after testing 1.4130 earlier in the day. The absence of volume is quite clear in the pair so far, and despite the short term picture is bullish, only a clear acceleration above 1.4250 will confirm a sustainable recovery of the Pound, which seems unlikely for today. Short term, the 1 hour chart shows that the price is moving back and forth around its 20 SMA and the 200 EMA, both horizontal and in a tight 10 pips' range, whilst the technical indicators head slightly higher around their mid-lines. In the 4 hours chart, the price is a handful of pips above a bearish 20 SMA, while the technical indicators have turned flat after crossing their mid-lines to the upside, lacking upward momentum, and anticipating more range trading ahead. 

Support levels: 1.4160 1.4130 1.4090 

Resistance levels: 1.4240 1.4285 1.4330

 

USD/JPY Current price: 108.32

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The USD/JPY pair gapped lower at the weekly opening, falling down to 107.83 before regaining the 108.00, still unable to confirm some additional gains. The market turned risk-averse at the beginning of the day, and sentiment has improved just modestly ahead of the US opening, but the risk remains towards the downside in the pair, as stocks continue trading in the red, although far from their daily lows. From a technical point of view, the 1 hour chart presents a neutral-to-bearish stance, as the price is developing well below its moving averages, whilst the Momentum indicator turned lower around its 100 level and the RSI heads higher around 47. In the 4 hours chart, the technical indicators have corrected oversold conditions reached earlier in the day, but remain well below their mid-lines, suggesting the pair may turn back south, particularly on a break below 107.95, the immediate support. 

Support levels: 107.95 107.60 107.20

Resistance levels: 108.75 109.20 109.50 

 

AUD/USD Current price: 0.7718

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The Aussie recovered above the 0.7700 level after plummeting to 0.7630 against the greenback, closing the weekly opening gap triggered by the  oil producers' fiasco. The Australian dollar is quite sensitive to commodities, and the decline in oil prices dragged the currency lower at the beginning of the day. Nevertheless, the market is quite bullish on the Aussie, and took the deep in the pair as a chance to bought it back. Technically, further gains can be expected on a break above 0.7735, the immediate resistance and last week high, but the intraday technical picture favors such advance, as in the 1 hour chart, the price accelerates above a horizontal 20 SMA, whilst the technical indicators head strongly higher above near overbought levels. In the 4 hours chart, the technical indicators lack directional strength within positive territory, but the 20 SMA regained the upside below the current level, in line with additional gains for the upcoming session.

Support levels: 0.7690 0.7650 0.7610 

Resistance levels: 0.7735 0.7760 0.7800 

 


 

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