EUR/USD Current price: 1.2470
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With no much data around, the EUR/USD managed to reach 1.2488 this Tuesday, boosted by market talks the ECB will take action to ease Spanish and Italian borrowing costs. Despite the Central Bank denied most of the weekend rumors regarding a cap in yields differentials in the European markets, the rumors were enough to trigger some short covering, with price accelerating higher once 1.2450 gave up. Stocks in the US ended up in red despite a strong early rally but gold and oil continue advancing steadily, both at fresh 3-month high. The pair enters the Asian session with the hourly chart showing indicators still heading higher despite in overbought territory, with price consolidating above mentioned 1.2450 immediate support. In the 4 hours chart, the bullish momentum seems to be easing as indicators turn flat, yet no signs of reversal are clear yet. With the FOMC Minutes tomorrow US afternoon, the pair may well lack direction until the news is released, while a break above the high will open doors for further gains with 1.2560 then at sight.
Support levels: 1.2450 1.2410 1.2370
Resistance levels: 1.2490 1.2520 1.2560
GBP/USD Current price: 1.5781
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Dollar selling favored also Pound that rose against the greenback to 1.5803 despite UK early disappointing data: public sector net borrowing and industrial order expectations both failed to reach forecast, coming well below previous month also. The GBP/USD however maintains the bullish tone seen over the past few sessions, with the hourly chart showing indicators exhausted to the upside yet price holding steady near the daily high. 20 SMA offers dynamic support around 1.5770, also strong static support while the 4 hours chart shows indicators turning flat in positive territory, advancing some consolidation ahead of next move. Renewed buying interest above 1.5810 will confirm the bullish bias, as long as 1.5740 holds the downside.
Support levels: 1.5770 1.5740 1.5715
Resistance levels: 1.5810 1.5840 1.5890
USD/JPY Current price: 79.25
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The USD/JPY trades slightly lower, correcting in slowmo after topping at 79.60 early week. The hourly chart supports further bearish corrections, with indicators heading south below their midlines and price developing below 20 SMA. In the 4 hours chart the picture is pretty much the same, supporting a test of the 78.80 area, and even lower once below 79.10 immediate support as per being the 38.2% retracement of the latest bullish daily run.
Support levels: 79.10 78.80 78.40
Resistance levels: 79.70 80.00 80.30
AUD/USD: Current price: 1.0481
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The AUD/USD rose as high as 1.520, yet surrendered to selling interest around the level and sliding stocks. The pair trades back around the 1.0470 support level, with a slightly bearish tone according to the hourly chart, as momentum heads south below 100 and price stands below 20 SMA. In the 4 hours chart technical readings are neutral, with indicators flat around their midlines and price right above a slightly bearish 20 SMA. Expect further definitions either above 1.0535 or below 1.0440, with the downside still favored in the pair.
Support levels: 1.0500 1.0470 1.0440
Resistance levels: 1.0535 1.0570 1.0615
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