EUR/USD Current price: 1.2355
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The EUR/USD advanced towards 1.2370 nearing weekly high, as US soft data failed to support the greenback: US housing starts declined 1.1%, although building permits jumped to the highest level in four years. Unemployment claims rose by 2K still consistent with a 100 K job growth but Philly manufacturing index surprised to the downside with -7.1, harming dollar across the board. Late over the American afternoon, market talks on a European crisis package, backed on some Angela Merkel’s comment, did the rest: the EUR/USD consolidates in a tight range near weekly high, building the case for an interim bottom in place at the yearly low of 1.2041; a great confirmation of further gains will be a break above 1.2450 area past week high. In the meantime and for the short term, the hourly chart shows indicators turning flat in overbought levels with price unable to correct lower. 20 SMA accelerated higher, crossing 200 EMA, adding to the bullish case. In the 4 hours chart the pair starts the day above its 200 EMA currently around 1.2330 and immediate support, while indicators gain some bullish tone, although hold in neutral territory, supporting the need of further gains to confirm the upward continuation.
Support levels: 12300 1.2300 1.2270
Resistance levels: 1.2380 1.2410 1.2440
GBP/USD Current price: 1.5735
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Pound extended its advance this Thursday, reaching 1.5742 against the greenback, finding buyers since early Europe when much better than expected UK Retail Sales diminished recession risk in the kingdom. Entering Asian session a few pips from such high, hourly chart shows momentum still heading north while a bullish 20 SMA acts as short term dynamic support currently around 1.5720. In the 4 hours chart higher highs and a positive tone coming from technical readings support an extension of current trend that will be tested around 1.5770 strong midterm resistance area: a weekly close above it, will open doors for a continuation towards the 1.60 area for the upcoming weeks.
Support levels: 1.5720 1.5690 1.5655
Resistance levels: 1.5770 1.5810 1.5850
USD/JPY Current price: 79.31
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The USD/JPY advance continued, with US yields holding strong, and the pair reaching 79.39, 5 weeks high. The bullish tone remains strong in the pair, as 20 SMA in the hourly chart leads the way, now offering dynamic support around 79.10, while dips have been took as buying opportunities by market players these days. In the 4 hours chat the technical outlook also favors the upside with a break of mentioned high pointing for a continuation towards 80.00.
Support levels: 79.10 78.80 78.50
Resistance levels: 79.40 79.75 80.00
AUD/USD: Current price: 1.0509
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Barely unchanged intraday, the AUD/USD hold within range, reaching 1.0524 before easing over the last few hours. Buyers are a bit reluctant at current levels, yet steady gains above 1.0500 may favor an upward movement in the pair for this last day of the day: a break above 1.0535 immediate resistance area should open doors for an advance towards the 1.0570 level ahead of recent highs around 1.0610. The technical perspective shows in the hourly chart, indicators aiming higher in positive territory while price regained 20 SMA that slowly turns north. In the 4 hours higher highs and higher lows are bull supportive, with indicators aiming to turn positive and price above a flat 20 SMA supporting the view. EUR/AUD flows however, may limit gains in AUD/USD at least in the short term. On the other hand, pair needs to accelerate now below 1.0470 to deny the upside and be again under bear’s control.
Support levels: 1.0470 1.0435 1.0400
Resistance levels: 1.0535 1.0570 1.0610
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