EUR/USD Current price: 1.2324
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The EUR/USD soared to test strong static resistance area around 1.2330, following mixed US data: while housing starts declined 1.1%, building permits jumped to the highest level in four years. Unemployment claims rose by 2K still consistent with a 100 K job growth, which overall, leaves QE3 even further away. The euro bounce is also being supported by Spanish yields, standing at 1-month low. After the initial spike, the pair settles near the highs, ahead of the US opening. Technical readings turned bullish in the hourly chart, with price breaking above the descendant trend line coming from 1.2380 area, although further gains above 1.2340 are now needed to see a retest of the weekly high. As long as above 1.2300 the pair will hold to its intraday bullish outlook, although bigger time frames’ technical readings remain flat with the pair trapped in range and lacking clearer direction in the term.
Support levels: 1.2300 1.2280 1.2250
Resistance levels: 1.2340 1.2380 1.2410
GBP/USD Current price: 1.5720
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The GBP/USD trades at fresh weekly highs, having found strength to bounce from a daily low at 1.5636 against the greenback, following surprisingly positive retail sales in the UK. Latest US data and increasing risk appetite keep the pair well bid with 1.5770 area now at sight: the hourly chart shows a strong upward momentum, as well as the 4 hours one supporting the continuation rally. 20 SMA in the 4 hours chart stands at 1.5690 giving now support in case of retracements, and losses below that level seem quite limited at the time being.
Support levels: 1.5690 1.5655 1.5620
Resistance levels: 1.5735 1.5770 1.5810
USD/JPY Current price: 79.20
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The USD/JPY extended its gains to 79.39 today, retreating now from the level yet holding its bullish overall tone: in the hourly chart price holds above a strongly bullish 20 SM currently giving dynamic support at 79.10 while indicators rest in positive territory, erasing overbought conditions reached earlier today. In the 4 hours chart indicators head north despite nearing overbought readings, while moving averages gain upward momentum bellow current price, supporting the shorter term view.
Support levels: 79.10 78.80 78.50
Resistance levels: 79.40 79.75 80.00
AUD/USD: Current price: 1.0500
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The AUD/USD remains range bound, still finding strong selling interest in current 1.0500 area, unable to break higher since early week. The hourly chart shows indicators aiming slightly higher yet holding in neutral territory, while 20 SMA lies flat and price hovers around it. In the 4 hours chart 20 SMA with a strong bearish slope offers dynamic resistance at current level, while indicators hold flat right below their midlines. Price needs to clearly overcome 1.0535 to erase recent bearish tone in the pair and be able to extend gains higher today.
Support levels: 1.0480 1.0435 1.0400
Resistance levels: 1.0510 1.0535 1.0570
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