EUR/USD Current Price: 1.1328

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After a long waiting the FOMC statement  finally struck markets, leaving a sour taste in dollar's bulls mouth. The US Central Bank decided to keep rates on hold, as expected, while some modest changes to the wording of the statement failed to clarify the date of an upcoming rate hike. The dollar initially rallied across the board, on a headline announcing that the FED is no longer concerned over the economic slowdown, by omitting to say that “global economic and financial developments continue to pose risks,” whilst once again, they seem comfortable over the developments of the job's sector. Finally, the committee reiterated that it will probably raise rates at a “gradual” pace. Anyway, the statement failed to clearly hint an upcoming rate hike, and chances have diminished for a move during the June meeting. After investors digested the news, the dollar is modestly lower across the board, with all eyes now on the Bank of Japan' decision, to be announced some time during the upcoming Asian session.

The EUR/USD pair traded between 1.1271 and 1.1360 right after the event, settling finally above 1.1315, the 23.6% retracement of the March/April bullish run, and presents a mild positive tone in the 4 hours chart, as the low converges with the 20 SMA, whilst the technical indicators head modestly higher within bullish territory. Overall, the upside remains favor, yet the pair needs to advance beyond the immediate resistance formed by the 1.1380/90 region to be able to continue rallying towards the 1.1460 region. Bulls will maintain the lead as long as the price holds above 1.1270. 

Support levels: 1.1270 1.1230 1.1200 

Resistance levels: 1.1385 1.1420 1.1460

 

EUR/JPY Current price: 126.14

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The EUR/JPY surged to its highest since April 5th following the US Central Bank economic policy decision, as the absence of a strong signal on an upcoming rate hike helped local share markets to advance and sent the JPY modestly lower across the board. The EUR/JPY pair holds near the 126.30 high, having met intraday buying interest around 125.70, the 61.8% retracement of its latest bearish run, pretty much for the past two sessions. From a technical point of view, the bias is towards the upside, as in the 4 hours chart  the technical indicators have resumed their advances within positive territory, whilst the price extended further above its 200 SMA. The pair has a strong resistance around 126.75, where the pair presents multiple intraday highs and lows from this past month, and the level is a now a probable bullish target, should buying interest keeps surging on dips towards 125.70. 

Support levels: 125.70 125.30 124.80

Resistance levels: 126.75 127.10 127.55


GBP/USD Current price: 1.4533

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The GBP/USD pair fell this Wednesday, down after FED's decision to 1.4472, before settling around the 1.4530 level. The Sterling failed to advance, despite earlier in the day, the release of the UK GDP figures for the first quarter was modestly positive, as the economy grew 0.4% during the first three months of the year, matching expectations, whilst the year-on-year reading came in at 2.1%, above the 2.0% expected. The pair, however, was unable to held above the 1.4600 level afterwards, accelerating its decline as the bullish strength seen at the beginning of the week lost momentum. So far, the intraday decline seems corrective, although further declines below the 1.4470 support should open doors for additional slides on Thursday. From a technical point of view, the 4 hours chart shows that the price is still holding above a bullish 20 SMA, despite a short lived slide below it post-FED, while the Momentum indicator keeps heading south and approaching the 100 level, and the RSI indicator stands flat around 58, limiting chances of an upward move during the upcoming sessions.  

Support levels: 1.4510 1.4470 1.4425

Resistance levels: 1.4665 1.4610 1.4650

 

USD/JPY Current price: 111.41

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The USD/JPY pair trades modestly higher after the FED, still contained within a tight range as the Bank of Japan will announce its latest economic policy decision during the upcoming Asian session. The pair has spiked up to 111.74, a few pips below the key resistance at 111.90, this week high. The BOJ is largely expected to maintain rates and facilities unchanged, as earlier this week, rumors made the rounds over some action coming next June. In the meantime, the short term picture for the pair is neutral, given the tight intraday range, but with the upside favored amid improved market sentiment after the US Central Bank dropped concerns over worldwide economic developments. In the 4 hours chart, the price has advanced some above a still bearish 200 SMA, whilst the technical indicators aim higher above their mid-lines, supporting some  additional gains for the upcoming hours. Still, the pair needs to advance beyond the mentioned high at 111.90 to confirm an upward continuation for this Thursday. 

Support levels: 110.90 110.65 110.30 

Resistance levels: 111.90 112.30 112.80

 

AUD/USD Current price: 0.7574

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The Aussie trades at its lowest in two-months, having plummeted at the beginning of the day after the release of Australian inflation data, much worse-than-expected. According to the official release, the consumer price index fell by 0.2% in the three months to March, whilst the YoY reading resulted at 1.3%, well below the previous 1.7% and the 1.8% expected, sending the AUD/USD pair down to the 0.7600 region, the 23.6% retracement of this year rally. The pair fell further lower after the FED, and is poised to close the day not far from the fresh low set at 0.7547, maintaining quite a negative technical tone, as in the 4 hours chart, the price was unable to recover above the mentioned Fibonacci level and the 200 EMA, both converging in the 0.7600/10 region. Also, the technical indicators in the mentioned time frame head lower within oversold territory, supporting a continued slide towards the 0.7450 level, the 38.2% retracement of the mentioned rally. 

Support levels: 0.7545 0.7500 0.7450

Resistance levels: 0.7600 0.7640 0.7680 

 


 

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