EUR/USD Current price: 1.2278
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The EUR/USD lost some ground ahead of the US opening, with the EUR/USD trading around 1.2280 as market players await for US economic news. Early data was quite disappointing both shores of the Atlantic, with German ZEW worse than expected, and US poor industrial numbers; the hourly chart for the pair shows indicators losing the upward potential approaching their midlines, as price hovers around its 20 SMA. In the 4 hours chart indicators are turning also lower in positive territory, still far from signaling a slide. Levels to watch ahead of Bernanke testimony, are 1.2250 to the downside and 1.2320 to the upside.
Support levels: 1.2250 1.2210 1.2175
Resistance levels: 1.2290 1.2320 1.2360
GBP/USD Current price: 1.5620
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Still above 1.5600, Pound fell against the greenback on worse than expected inflation data in the UK, but the movement was limited as investors remain cautious. The hourly chart shows indicators turning flat around their midlines as price ranges, while below its 20 SMA. In the 4 hours chart indicators retreat from overbought levels, but price stands above 200 EMA, around 1.5610: as long as above this level, the upside is favored, while only below 1.5550 the bears may take control again.
Support levels: 1.5610 1.5550 1.5520
Resistance levels: 1.5660 1.5695 1.5730
USD/JPY Current price: 79.09
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The USD/JPY corrected higher over Asian session, as risk appetite ruled the session following RBA Minutes, and the pair holds its bullish tone according to the hourly chart: indicators head higher in positive territory while price stands above 20 SMA. In the 4 hours chart, indicators are still below their midlines, while 20 SMA caps the upside at current levels. Price needs to overcome at least the static resistance around 79.45 to be able to ease current bearish tone and advance towards the 80.10 price zone.
Support levels: 78.80 78.50 78.20
Resistance levels: 79.20 79.45 79.80
AUD/USD: Current price: 1.0285
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Australian dollar holds to recent strength, trading above its 20 SMA in the hourly chart and with indicators holding in positive territory. Stocks in positive territory help the pair higher, and the 4 hours chart shows also an overall positive tone although indicators are slightly exhausted; however, as long as above 1.0250 the upside is favored in the pair, with 1.0330 as immediate resistance ahead of 1.0360, 61.8% retracement of this year fall.
Support levels: 1.0250 1.0220 1.0175
Resistance levels: 1.0330 1.0360 1.0400
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