EUR/USD Current price: 1.2960
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Little change in the FX market, with New York closed for second day in a row and empty trading desks; while European data shown further economic deterioration in the area, the readings where ignored and stocks surged, erasing early week losses and ending up the day in positive territory, putting some pressure over the greenback. The EUR/USD managed to briefly break above the daily descendant trend line, but with no volume, there was no follow trough. For the short term, the hourly chart shows price around the trend line, and 20 SMA heading higher below current price as indicators lose upward potential and turn lower, giving no much clues on direction. In the 4 hours chart, technical readings had turned positive, yet again lack momentum. With selling interest reported in the 1.2980/90 price zone, price needs to clearly regain the 1.30 mark to be able to extend current gains further over this new Wednesday.
Support levels: 1.2935 1.2900 1.2880
Resistance levels: 1.2980 1.3010 1.3045
GBP/USD Current price: 1.6076
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The GBP/USD advanced to a daily high at 1.6084 where it stalled, spending the rest of the day consolidating in a tight range right below that level. The hourly hart shows technical readings standing in positive, although now flat as per recent range; the upward potential however, has increased as price stands back above key 1.6065 level, with immediate resistance in eh 1.6110/20 area, where intraday highs and lows converge with a daily descendant trend line coming from this year high. In the 4 hours chart indicators are still below their midlines, yet heading higher while price holds above 20 SMA, pointing for an upward continuation, as long as 1.6065 keeps the downside limited.
Support levels: 1.6065 1.6025 1.6000
Resistance levels: 1.6085 1.6115 1.6140
USD/JPY Current price: 79.57
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Despite a kneejerk to 79.26 following BOJ extension of their assets purchase found, the JPY/USD managed to close the day again above its 200 DMA that offers dynamic support around 79.50. The hourly chart shows however a limited bullish tone, as despite indicators stand in positive territory, price action develops below 100 and 200 SMA’s. In the 4 hours chart technical readings are still bearish, and price needs to establish above the 79.70 mark to be able to post further gains over the upcoming sessions.
Support levels: 79.40 79.10 78.80
Resistance levels: 79.70 79.95 80.30
AUD/USD: Current price: 1.0365
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Little unchanged since last updates, the AUD/USD reached 1.0383 today, holding a short term bullish stance according to the hourly chart, with indicators in positive territory, and 20 SMA heading higher and offering dynamic support around current level. In the 4 hours chart, range persist: pair is trapped in a 100 pips range hovering around a flat 20 SMA, while indicators stand in neutral territory. The pair may gain some upward momentum only if the 1.0410 resistance area gives up and price manages to stand above it.
Support levels: 1.0360 1.0330 1.0300
Resistance levels: 1.0380 1.0410 1.0445
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