EUR/USD Current price: 1.2937
Market sentiment resembled teenagers this Wednesday, changing mind (and intraday trend) in a blink: while concerns over Greece and Spain weighted on FX and stocks markets most of the European session, sending commodities nose diving and dollar advancing to 1.2880 against the Euro. Mid American morning, the market saw a strong turn around in sentiment, triggered by some positive comments about US fiscal cliff discussions: an agreement could be reached there faster and easier than initially expected. Is also true that 1.2880 stands as a huge static support in the EUR/USD, that actually converges now with the 38.2% retracement of the latest bullish leg. Short term bullish according to the hourly chart, the pair returned to opening levels, again capped below 1.2950, yet far from the short term bearish tone seen yesterday by this time of the day; accelerations above 1.2950 will expose the 1.3010 weekly high, followed by 1.3040 price zone, and probable roof for today if the upside momentum continues.
Support levels: 1.2910 1.2875 1.2840
Resistance levels: 1.2950 1.2980 1.3010
GBP/USD Current price: 1.6011
Pound joined EUR/USD rollercoaster, although with more limited moves, falling as low as 1.5961 before bouncing back to find selling interest around 1.6020. Slightly bullish according to technical readings in the hourly chart, the GBP/USD lacks momentum at the time being: hourly indicators are turning flat barely above their midlines, while 20 SMA is also flat around 1.5990. In the 4 hours chart price remains capped by 20 SMA offering dynamic resistance around mentioned 1.6020, while indicators hold in negative territory, which helps keeping the upside limited for now. Steady gains above 1.6020, will likely see and extension towards 1.6050/60 area, as long as 1.5990 holds the downside.
Support levels: 1.5990 1.5950 1.5920
Resistance levels: 1.6020 1.6050 1.6095
USD/JPY Current price: 82.06
The USD/JPY surged along with optimism, recovering from 81.67 daily low, back above 82.00. The hourly chart shows price above 200 SMA and approaching 100 one, currently around 82.10 and immediate resistance level, while indicators head slightly higher above their midlines, staging a short term recovery for current Asian session. In the 4 hours chart indicators lost their bearish tone and turned back north, still standing below their midlines: price needs to recover at least above 80.30 to see the pair gaining more bullish track this Thursday.
Support levels: 81.50 81.20 80.80
Resistance levels: 82.10 82.30 82.60
AUD/USD: Current price: 1.0474
The AUD/USD returned to recent highs in the 1.0480 area after holding at 1.0430 static support zone, yet losing strength in its way up: the hourly chart, shows indicators slightly exhausted to the upside and turning south in positive territory, as price consolidates in a tight range above 20 SMA. In the 4 hours chart technical readings hold a limited bullish tone, yet with recent price range, a clear break higher is needed to confirm more gains; I would expect stops to stand in the 1.0500/10 area, so bullish momentum will likely appear only if those get triggered today.
Support levels: 1.0430 1.0410 1.0370
Resistance levels: 1.0480 1.0510 1.0550