EUR/USD Current price: 1.2970
The EUR/USD surged with stocks today, that trade profitably mounted on good US employment data, although nothing really exciting is going on: major crosses trade inside their recent ranges, with no signs of setting a clear direction and with US NFP data tomorrow, today won’t be the day. For the short term, the EUR/USD hourly chart shows a clear upward momentum that favors a retest of the 1.3000/20 area, as price regained the 1.2950 static support zone. In the 4 hours chart however, technical readings remain mostly flat and in neutral territory, reflecting the lack of direction. While unlikely for today, only above 1.3020 the pair may attempt a run higher, looking then for the 1.3070 area, while the downside remains well limited by strong buying interest around 1.2880.
Support levels: 1.2950 1.2920 1.2880
Resistance levels: 1.2980 1.3020 1.3045
GBP/USD Current price: 1.6148
The GBP/USD reached 1.6174, as chances of a QE extension next week diminished with BOE’s member Bean comments yesterday US afternoon. The pair broke then the daily descendant trend line, and managed to remain above despite Manufacturing PI come out below expectations, at 47.5 showing Q3 positive GDP reading is far from definitely. The hourly chart shows price losing some ground early US session, although still developing above 20 SMA around 1.6140 offering short term support. In the 4 hours chart however, technical readings remain strongly bullish: price needs to break above 1.6180 to be able to extend its advance today.
Support levels: 1.6140 1.6110 1.6090
Resistance levels: 1.6185 1.6220 1.6255
USD/JPY Current price: 79.99
The USD/JPY hovers around the 80.00 level, holding an overall bullish tone, although unable to extend its gains beyond the 80.10 mark. The hourly chart shows a short term double top around the level, with indicators standing in positive territory and price developing above 100 and 200 SMA’s: despite the lack of momentum, the outlook is bullish. In the 4 hours chart the picture is quite the same, with technical readings positive yet without any strength. If any, expect the upside to remain capped by next resistance area around 80.30, ahead of tomorrow’s employment data.
Support levels: 79.70 79.40 79.10
Resistance levels: 80.10 80.30 80.60
AUD/USD: Current price: 1.0385
The AUD/USD seems condemned to a 100 pips range, as regardless technical readings or fundamental data, the pair is unable to leave the 1.0300/400 area. Trading near the top of the mentioned range, the hourly chart shows a general positive stance, with the downside limited by the 1.0350 lows area; still unless price manages to break and stay above 1.0410, there is not much follow trough seen in price action. In the 4 hours chart technical readings are positive but neutral, reflecting the lack of direction in the pair.
Support levels: 1.0350 1.0330 1.0300
Resistance levels: 1.0410 1.0445 1.0480