EUR/USD Current price: 1.2102
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The EUR/USD trades lower in range, still lead by European bad news: Manufacturing and Services PMI’s both in Europe and Germany again disappointed printing readings below 50, meaning economic contraction. The pair however, trades above yesterday’s low of 1.2065, also yearly low, still unable to extend its slide while stocks are also range bound ahead of the US opening. The hourly chart shows indicators flat in negative territory as price develops below 20 SMA, while in the 4 hours one, the bearish tone has lost part of its momentum, as indicators also hold flat. To the upside, recent highs around 1.2145 remain key as sellers will remain in control as long as below that level; a break above will likely trigger some short covering upward correction, with the main target then at 1.2220.
Support levels: 1.2065 1.2040 1.2010
Resistance levels: 1.2120 1.2145 1.2200
GBP/USD Current price: 1.5524
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The GBP/USD still holds above the 1.5500 mark, despite a daily low of 1.5485 achieved early Europe. Gaining some track at the time being, the hourly chart shows indicators heading higher above their midlines, while latest candle opened above a flat 20 SMA, helping keep the downside limited in the short term. In the 4 hours chart the pair is also pressuring higher, testing recent highs around 1.5535 immediate resistance area, as indicators turn flat near oversold levels. Upward pressure however, will only increase once above 1.5560 strong static resistance level, with scope then for a test of 1.5620 area, as long as market sentiment don’t turn aggressively negative.
Support levels: 1.5485 1.5440 1.5390
Resistance levels: 1.5530 1.5560 1.5590
USD/JPY Current price: 78.26
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The USD/JPY trades in its usual 30 pips range today, still limited in the short term, as the hourly chart shows indicators below their midlines and price testing its 20 SMA unable to clearly break higher. In bigger time frames the bearish outlook seen on previous updates remains intact, with indicators holding in negative territory and 20 SMA offering dynamic resistance around 78.40/50 price zone. The downside remains favored as long as below that level, with a break below 77.95 favoring a retest of 77.66 June low.
Support levels: 78.10 77.90 77.65
Resistance levels: 78.45 78.80 79.00
AUD/USD: Current price: 1.0295
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The AUD/USD find some support in Chinese manufacturing data, that come out above expectations thus below 50 during past Asian session. The hourly chart shows a limited bullish tone as indicators stand above their midlines, while 20 SMA turns higher below current price. In the 4 hours chart however, the bullish potential seems limited with indicators flat in negative territory. Further gains should be expected only once above 1.0360, weekly high and 61.8% retracement of this year fall.
Support levels: 1.0280 1.0240 1.0220
Resistance levels: 1.0330 1.0360 1.0400
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