EUR/USD Current price: 1.2338
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The EUR/USD in on the verge of losing the upward potential seen over the past few days, as bad news in Europe tear down optimism: yields are on the rise in peripheral countries, German industrial production fell, and the country refuses to extend financial aid to Greece. Stocks are strongly down across the world, fueling risk aversion ahead of US opening. The EUR/USD found short term support in former strong resistance area around current 1.2330/40 area, with a strong bearish tone according to the hourly chart, as indicators head south below their midlines, while 20 SMA gains bearish slope above current price. Price however, needs to clearly break below recent low at 1.2320 to confirm further selling pressure. In the 4 hours chart, the bearish tone is also present as indicators crossed upside down their midlines while price stands now below a flat 200 EMA around 1.2350 immediate resistance level. As long as below, the downside is favored for the upcoming US session.
Support levels: 1.2320 1.2280 1.2250
Resistance levels: 1.2350 1.2390 1.2440
GBP/USD Current price: 1.5645
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Pound soared following US inflation report, that despite showing a downgraded in GDP was followed by BOE’s King words on no more facilities at sight for the time being. The GBP/USD jumped to 1.5669 where it stalled, pressured lower by market sentiment. The hourly chart shows indicators still in positive territory yet losing upward potential, while in bigger time frames the pair holds a limited bullish tone: as long as above the 1.5590 area the downside seems limited for the pair, while a clear break of mentioned high should point for an approach to the 1.5700 area.
Support levels: 1.5620 1.5590 1.5550
Resistance levels: 1.5660 1.5690 1.5730
USD/JPY Current price: 78.45
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Despite falling to a daily low of 78.22, the USD/JPY managed to bounce back higher pretty fast, struggling now with the 78.50 area. The hourly chart shows price back above 100 and 200 SMA’s that hold flat while the upside is being capped by a bearish 20 SMA and indicators head south below their midlines, all of which suggest the upside is still limited. Ahead of BOJ economic policy announcement in upcoming Asian session, the pair needs to clearly break above 78.80 to extend its gains further, while key support remains at 77.90 June low.
Support levels: 78.30 78.10 77.90
Resistance levels: 78.80 79.15 79.40
AUD/USD: Current price: 1.0551
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The AUD/USD has presented little intraday change so far, trading range bound below 1.0570 static resistance level. The pair holds a neutral stance according to the hourly chart as price hovers around 20 SMA and indicators turned flat around their midlines. In the 4 hours chart however, a slightly bearish tone is seems building up as indicators move below their midlines lacking strength at the time being. Price needs to break below daily low set at 1.0530 in order to see sellers taking control of the pair. Market sentiment will be key on a break of the daily extremes.
Support levels: 1.0530 1.0500 1.0470
Resistance levels: 1.0570 1.0605 1.0640
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