EUR/USD Current price: 1.2924
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The EUR/USD bounced sharply from a daily low of 1.2803 posted early Asia, only to find resistance at the 23.6% retracement of its latest bullish daily run. Early data showed that manufacturing downturn eased, as PMI’s come above past month readings, although below the 50 expansion mark. At the same time, unemployment in the EU rose to a record high of 11.4%.While data is far from encouraging, the EUR/USD remains well bid this morning, finding buyers in the 1.2880 area. Ahead of the US opening, the pair broke above the 1.2910 Fibonacci resistance, and trades at fresh daily highs of 1.2920, with the hourly chart showing a strong upward momentum, ad indicators head north above their midlines. A daily descendant trend line, coming from 1.3172 is located today around 1.2940, offering some resistance in case of more gains, although a break higher will likely increase the upward potential with price then looking for a ride towards the 1.3000 area.
Support levels: 1.2910 1.2880 1.2845
Resistance levels: 1.2940 1.2985 1.3010
GBP/USD Current price: 1.6156
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The GBP/USD fell to a daily low of 1.6108 early Asia, as risk aversion dominated the board. European session so the pair recover to 1.6165, from where the pair fell again sharply as UK manufacturing PMI edged lower for third month in a row, printing 48.4; bank lending also resulted below expectations, adding to the negative tone in the pair which presented a limited bounce on dollar weakness, still trading below mentioned high. The hourly chart however, shows price standing above 20 SMA and indicators aiming higher in neutral territory, while in the 4 hours chart the overall neutral stance seen over the past couple of weeks remains intact. Only below 1.6100 the pair may found enough sellers to attempt a break towards 1.6060 price zone.
Support levels: 1.6135 1.6100 1.6060
Resistance levels: 1.6165 1.6190 1.6220
USD/JPY Current price: 77.91
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Unable to extend beyond 78.00, the USD/JPY has managed to hold above the 77.80static support level, trading with a slightly positive tone despite almost unchanged from the daily opening. After a straight 7-day fall, last Friday bounce managed to reach the 38.2% retracement of such movement, at 78.10. The hourly chart shows price being capped still bearish 200 SMA, while indicators stand flat in neutral territory, giving not much clues on direction at the time being, although lack of follow trough above mentioned high along with dollar negative tone, may put the pair back under pressure. In bigger time frames, the pair also holds a neutral stance, with a break below mentioned support favoring a retest of 77.30 area.
Support levels: 77.80 77.50 77.30
Resistance levels: 78.10 78.40 78.80
AUD/USD: Current price: 1.0379
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While still heavy, the AUD/USD is turning intraday positive as price battles again with the 1.0380/90 area. Positive stocks and gold surging to fresh year highs above $1791/oz, favor further gains in the pair, as well as technical readings: the hourly chart shows an increasing upward momentum, while price develops above 20 SMA. In the 4 hours chart however, technical readings are far from showing strength: price needs to advance above 1.0410 next static resistance level, to be able to continue advancing today.
Support levels: 1.0360 1.0335 1.0300
Resistance levels: 1.0385 1.0410 1.0445
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