EUR/USD Current price: 1.3043
The EUR/USD has entered a corrective stage this Tuesday, breaking below 1.3080 and reaching 1.3028, as market euphoria seen over past weeks started to fade. Dollar advanced against most rivals, but the action was mostly seen in Europe, leaving the American afternoon for consolidation. Entering Asian session near mentioned low, the short term outlook remains bearish according to the hourly chart, with price capped below 20 SMA and indicators heading in negative territory: a test of key 1.3000 supports continues to be possible for the upcoming hours, more if risk aversion regains foot. A break below mentioned 1.3000 should see the pair dip towards 1.2930, 61.8% retracement of this year fall. In the 4 hours chart technical readings had also turned bearish, with momentum crossing the 100 level and price below 20 SMA, supporting the short term view.
Support levels: 1.3035 1.3000 1.2970
Resistance levels: 1.3080 1.3110 1.3140
GBP/USD Current price: 1.6235
Pretty much unhanded for the last two days, the GBP/USD consolidated in a 50 pips range between 1.6220 and 1.6270 this Tuesday, leaving hourly chart with a neutral stance: price hovers around a flat 20 SMA while indicators stand around their midlines. In the 4 hours chart indicators turned lower losing momentum, while 20 SMA also lost its upward potential and turned flat around current level. While the bullish potential is far from over according to technical readings, the pair may attempt some bearish corrections if dollar advance extends across the board. 1.6200 area however, stands a strong support, and bears will hardly take control if price stand above it.
Support levels: 1.6210 1.6160 1.6120
Resistance levels: 1.6265 1.6300 1.6340
USD/JPY Current price: 78.74
Ahead of BOJ monetary policy later today, the USD/JPY pushed higher, amid market talks of a possible bank intervention. The Central Bank will hardly surprise the markets, with a small increase in the Asset Purchase Program mostly priced in. However it can support recent bounce higher, and even open doors for a break above 79.10 immediate resistance if they present a substantial increase of above Y10T. The hourly chart shows 100 and 200 SMA’s getting together around 78.20, turning the level into the main support in case of a disappointing BOJ; indicators stand flat giving no much clues on direction, while in the 4 hours chart the positive outlook seen on previous updates persists. Despite favored to the upside, steady gains above 79.10 are still needed to confirm further advances today.
Support levels: 78.44 78.20 77.90
Resistance levels: 79.10 79.35 79.60
AUD/USD: Current price: 1.0445
Late US stocks recover supported a bounce in the AUD/USD after the pair tested 1.0410 early Europe. The level is quite an important static support, and won’t be easy to take, unless a strong come of negative mood among investors. The hourly chart shows price above a still bearish 20 SMA and indicators heading higher above their midlines, while bigger time frames indicators look exhausted to the downside, aiming higher still in negative territory. An extension above 1.0470 is now required to see the pair firming back higher, with 1.0535 as probable bullish target for today.
Support levels: 1.0410 1.0380 1.0350
Resistance levels: 1.0470 1.0500 1.0535
Today's new term is NIFTY.