EUR/USD Current price: 1.2289

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The EUR/USD has finally broke below key 1.2330/40 price zone, and holds under selling pressure ahead of the US opening. While news in Europe continue to disappoint, better than expected US employment and trade balance readings dilute QE3 chances for September as many have speculated on. Stocks are down across the world and US yields up, supporting dollar strength across the board. The hourly chart  shows a bearish technical stance as indicators head south in negative territory while 20 SMA gains bearish slope. In the 4 hours chart the pair is also gaining bearish pressure, aiming now to test 1.2250, next big support.

Support levels: 1.2280 1.2250 1.2220

Resistance levels: 1.2335 1.2380 1.2410

GBP/USD Current price: 1.5623

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UK trade balance came out worse than expected sending Pound lower across the board. The pair is also being weighted by general market sentiment although holds for now above 1.5600 area where the hourly chart shows 200 EMA. The technical outlook however suggest further falls ahead as indicators head south below their midlines, and 20 SMA caps the upside since early Europe. In the 4 hours chart indicators are turning lower yet lacking bearish strength at the time being: a confirmation is then needed probably a break below 1.5590 to see the pair extending the downside today.

Support levels: 1.5590 1.5550 1.5515

Resistance levels: 1.5660 1.5685 1.5730

USD/JPY Current price: 78.60

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USD/JPY jumped again higher, as US yields soar and market talks of a Japan downgrade do the rounds. Dollar demand however, is not strong enough to push the pair above key 78.80 that so far has kept the upside limited. The hourly chart shows an increasing bullish momentum as indicators head north above their midlines and price advances above MAS’s, while in the 4 hours chart, the picture is quite the same, with an add: latest candles show long downside  shadows that support a strong buying interest on deeps, at least in the short term. Upside is then favored as long as above 78.30 price zone for today.

Support levels: 78.30 78.10 77.90

Resistance levels: 78.80 79.15 79.40

AUD/USD: Current price: 1.0565

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Aussie reached 1.0611 against the greenback following better than expected employment readings in Australia past Asian session, but market sentiment is sending the pair back to the downside, nearing weekly low set at 1.0530 past Wednesday. While dollar advances steadily across the board, the pair remains reluctant to extend its slide, suggesting there are still strong buying interests around and the bullish long term trend is still in place. Still and for the short term, the pair may see some strong downside correction if mentioned weekly low gives up. The hourly chart shows price holding below 20 SMA while indicators stand in neutral territory, keeping the downside limited while in the 4 hours chart the technical readings are also lacking clear direction at the time being.

Support levels: 1.0530 1.0500 1.0470

Resistance levels: 1.0570 1.0605 1.0640


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