EUR/USD Current Price: 1.1435
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The EUR/USD pair extended its decline down to 1.1417 in the European morning, trimming finally all of its early week gains. There was no clear catalyst behind the early decline but the initial gains in local share markets, and probably some position adjustment ahead of the US Nonfarm Payroll report on Friday. The release of the US weekly unemployment claims surge to their highest in five weeks in the one ending April 29, printing 274K, against market's expectations of 260K. The EUR/USD pair holds near the mentioned daily low, unable to recover in spite of poor US data, and the 1 hour chart favors some additional declines for today, as the price is well below a bearish 20 SMA that crossed below the 100 SMA, while the technical indicators consolidate near oversold territory. In the 4 hours chart, the technical indicators head strongly lower near oversold territory, whilst the 20 SMA has turned flat in the 1.1500 region, a level that can be tested on a recovery above 1.1460.
Support levels: 1.1420 1.1380 1.1350
Resistance levels: 1.1460 1.1500 1.1530
GBP/USD Current price: 1.4510
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The GBP/USD pair fell down to 1.4438 this Thursday, but dips in the pair ever since the day started have sent the pair quickly back towards the 1.4500 mark, with the pair unable to clearly break below the 50% retracement of the latest bullish run. Data coming from the UK continued disappointing, as the April Markit services PMI came un at 52.3, below previous and expected, and the weakest reading in over three years. The 1 hour chart shows that the price is now aiming to recover above a flat 20 SMA, whilst the technical indicators aim higher within neutral territory, lacking enough strength to confirm a stronger advance. In the 4 hours chart, the Momentum indicator continues heading south near oversold territory, while the 20 SMA extended its decline above the current level, maintaining the risk towards the downside. The RSI indicator, however, bounced modestly, limiting the downside at the time being. The 38.2% retracement of the same rally stands at 1.4515, the level to overcome to see the pair advancing further.
Support levels: 1.4450 1.4410 1.4375
Resistance levels: 1.4530 1.4580 1.4620
USD/JPY Current price: 107.03
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The USD/JPY pair trades uneventfully around the 107.00 level, with Japanese markets closed for third consecutive day on local holidays, and investors still side-lined, this time as they wait for the US Nonfarm Payroll report to be released this Friday. Worse-than-expected US weekly unemployment claims have helped the pair retreat from a daily high of 107.39, but there's little to work with today, as the pair is barely moving within a 50 pips range. Technically, the 1 hour chart shows that the price is now above its 100 SMA, around 106.60, whilst the technical indicators have turned south around their mid-lines, lacking momentum and therefore not enough to confirm further slides. In the 4 hours chart, the technical indicators remain above their mid-lines, but losing upward strength, as the price develops far below their moving averages, all of which maintains the risk towards the downside.
Support levels: 106.60 106.20 105.70
Resistance levels: 107.45 107.90 108.30
AUD/USD Current price: 0.7505
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The AUD/USD pair recovered some ground after falling down to the 38.2% of this year's advance earlier this week,, and aims to regain the 0.7500 level, helped by a comeback in commodities and stocks. The short term picture is bullish, as in the 1 hour chart the price is now above its 20 SMA, whilst the technical indicators aim higher within positive territory. In the 4 hours chart, the technical indicators are recovering from oversold levels, but still below their mid-lines whilst the 20 SMA heads lower around 0.7540, although it will take a recovery beyond 0.7560, a strong static resistance level, to confirm a more sustainable recovery.
Support levels: 0.7450 0.7415 0.7370
Resistance levels: 0.7510 0.7560 0.7600
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