EUR/USD Current price: 1.2290View Live Chart for the EUR/USD
The EUR/USD fell as low as 1.2188 following FED’s Chairman comments earlier today, pretty vague regarding further use of QE to stimulate growth in the US. Risk aversion ruled the markets barely for an hour, sending stocks to fresh weekly lows and dollar soaring across the board. Words that a weaker dollar may boost the economic recovery, sent greenback back down against major rivals, even to fresh daily lows. The EUR/USD trades early Asia right above the 1.2285 static support, 23.6% retracement of the latest daily fall, holding an bullish tone in the hourly chart as indicators head north above their midlines and price stands above 20 SMA. In the 4 hours chart indicators also head higher above their midlines, all of which suggest the pair may continue advancing over the upcoming sessions. Still limited on self weakness, the euro gains will be likely due to short covering rather than strength, with 1.2400 now possible as long as above 1.2250 support.
Support levels: 1.2280 1.2250 1.2210
Resistance levels: 1.2320 1.2360 1.2400
GBP/USD Current price: 1.5646View Live Chart for the GBP/USD (Select the currency)
The GBP/USD was submitted to the same wild behavior in early US trading, with Pound pressured by disappointing inflation readings earlier in the day. Still, the pair managed to stage a strong bounce higher, with the hourly chart early Asia showing indicators above their midlines and price steady above a flat 20 SMA. In the 4 hours chart, bearish run was unable to hold above 200 EMA, main short term support now around 1.5610 while indicators head back north in positive territory. Early week high at 1.5677 comes as immediate resistance ahead of 1.5730 price zone.
Support levels: 1.5610 1.5550 1.5520
Resistance levels: 1.5680 1.5730 1.5770
USD/JPY Current price: 79.06View Live Chart for the USD/JPY (select the currency)
Bounce from 78.67 Monday low, was limited by 79.16 in the USD/JPY that consolidated in a tight range this Tuesday. The hourly chart shows price above 20 SMA and indicators in positive territory, although losing upward strength; in bigger time frames however, the overall bearish tone persists, as the 4 hours chart shows price capped below a bearish 20 SMA and indicators retreating from their midlines. Clear recovery above the 79.40/50 price zone is needed to ease current bearish tone.
Support levels: 78.80 78.50 78.20
Resistance levels: 79.20 79.45 79.80
AUD/USD: Current price: 1.0298View Live Chart for the AUD/USD (select the currency)
Aussie soared against the greenback, stalling at 1.0318 and consolidating near mentioned high, a few pips shy of 1.0330 immediate resistance. While the hourly chart shows indicators slightly exhausted to the upside price holds above 20 SMA that offers short term support around 1.0280. In the 4 hours chart however, the upside momentum remains strong, as per technical indicators heading north. Price may continue advancing as latest RBA Minutes showed the central bank is in no rush to cut rates, and resulted less dovish than expected. 1.0360, 61.8% retracement of this year fall is the key resistance level to overcome to see the pair confirming a midterm bullish trend.
Support levels: 1.0280 1.0250 1.0220
Resistance levels: 1.0330 1.0360 1.0400
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