EUR/USD Current price: 1.2828
Little change as usual in the US session, the EUR/USD extended its upward rally and closes the day near fresh weekly highs set at 1.2833 early Wednesday. Regardless the Greek chaos, the pair’s trend continues to be bullish at least in the short term: the hourly chart shows price consolidating well above its 20 SMA while indicators hold in positive territory, near overbought levels. In the 4 hours chart the outlook is also positive, although price needs now to take 1.2840 static Fibonacci resistance level, to be able to continue advancing. Main risk factor in current Asian session, is Chinese manufacturing PMI: a positive reading may boost sentiment and push dollar one step lower against European rivals.
Support levels: 1.2800 1.2770 1.2745
Resistance levels: 1.2840 1.2880 1.2910
GBP/USD Current price: 1.5953
The GBP/USD also extended its bounce higher this Wednesday, trading at fresh weekly high at the time being. Despite the hourly indicators seem slightly exhausted to the upside, price grinds higher above a bullish 20 SMA which suggest more gains are yet to be seen in the pair. For today, the roof of the daily descendant channel lays around 1.6100, too far away to consider a test; however, the continued recovery from the base of the mentioned channel, gives Pound a clearer bullish case. Stronger resistance comes around the 1.6065 level, and that seems a more logical target if the upward momentum continues. In the 4 hours chart technical readings are also biased higher, supporting the shorter term view, with risk to the downside only on a break below 1.5920 support.
Support levels: 1.5920 1.5885 1.5850
Resistance levels: 1.5990 1.6025 1.6065
USD/JPY Current price: 82.50
The USD/JPY resumed the uptrend, reaching 82.50 area before stalling. While the hourly chart shows indicators giving up recent strength, the pair seems to be also resuming his usual behavior when a trend surges: small consolidation, and practically no pullbacks ahead of a new leg, in this case higher. As long as above 82.00 the upside is favored with steady gains above 82.60, 78.6% retracement of this year bearish run, opening doors for a continuation towards 83.35 resistance level, ahead of this year high of 84.17.
Support levels: 82.10 81.80 81.50
Resistance levels: 82.60 82.95 83.35
AUD/USD: Current price: 1.0368
The AUD/USD tested 1.0330 support area despite markets positive mood, weighted by latest RBA Minutes earlier this week. The hourly chart shows price developing below a short term descendant trend line, currently converging with the 50% retracement of its latest slide around 1.0370 immediate resistance level. Despite the noise, the pair continues to be trapped in the 1.0300/1.0410 area, and seems market is comfortable playing such extremes. Beware of Chinese data however, that can shook the pair if reading diverges strongly with the previous reading. 4 hours technical readings head south yet unless below 1.0290, the downside will remain limited.
Support levels: 1.0330 1.0295 1.0260
Resistance levels: 1.0370 1.0410 1.0445