EUR/USD Current price: 1.3390
Market has been all about rising since early Europe, when German ZEW survey came out well above expectations. European stocks edged higher, with DAX overcoming past week high, while US indexes touched new 5-year highs. Commodities however, did not so good, closing mostly in red. Anyway, surging stocks put dollar under pressure, particularly against commodity currencies. EUR/USD surged to a 3-day high, a few pips shy of 1.3400, and entering Asian session holding to its gains. The hourly chart shows 20 SMA gaining bullish slope below current price, now around 1.3350 support area, while indicators stand now flat in positive territory. In the 4 hours chart indicators also turned bullish, surging from around their midlines, which suggest not enough upward momentum yet. The key resistance level to watch comes around 1.3415, roof of the daily descendant channel coming from 1.3710, as steady gains above this last will deny the possibility of a bearish continuation and saw the pair approaching the 1.3500 area today.
Support levels: 1.3375 1.3350 1.3320
Resistance levels: 1.3415 1.3440 1.3490
EUR/JPY Current price: 125.22
Yen gathered some strength this Tuesday, after Japan authorities denied the possibility of buying foreign bonds, past Asian session. Differences between PM Abe and finance minister Aso more conservative, had kept yen crosses range bound, trapped between yen strength after the news and risk appetite. The EUR/JPY traded in a tight range, hovering around its moving averages in the hourly chart, and with indicators heading slightly higher in neutral territory. In the 4 hours chart, the upward momentum is stronger, with price finding support in its 100 SMA. As long as above 124.40, the bias is bullish for the pair, with a break above 125.50 now required to confirm the rally.
Support levels: 125.10 124.80 124.40
Resistance levels: 125.50 125.90 126.60
GBP/USD Current price: 1.5422
The bearish momentum of GBP/USD remains strong as the pair continues posting lower lows daily basis. Having been as low as 1.5414, the hourly chart shows indicators heading south below their midlines with price near mentioned low and 20 SMA gaining some bearish slope above current price. In the 4 hours chart, indicators retrace from their midlines heading back south, while 20 SMA contained the upside providing now dynamic resistance around 1.5480.
Support levels: 1.5410 1.5370 1.5330
Resistance levels: 1.5435 1.5480 1.5510
USD/JPY Current price: 93.58
The USD/JPY fell to a daily low of 93.28, trading mostly range bound. The bullish long term trend may have decided to take a breath and some consolidation/yen gains should not be discarded now. Still there are no technical signs the rally is over. For the short term, the hourly chat shows price above 100 and 200 SMA, both converging in the 93.30 area, while indicators hold a neutral stance. In the 4 hours chart technical readings also lay around their midlines, showing no current strength either side of the board. Below 93.10 the downside is exposed up to 92.20 area, past week low.
Support levels: 93.10 92.60 92.20
Resistance levels: 93.80 94.15 94.50
AUD/USD: Current price: 1.0353
Aussie recovery against the greenback stalled around 1.0370 resistance, although selling interest around the level seems not as strong as expected. Price retraced a few pips but the hourly chart maintains a bullish tone according to technical readings, which suggest another round of buying could be seen over the upcoming hours: in that case, price needs to break above 1.0410 resistance to erase last days’ negative bias and attempt an extension towards the 1.0500 price zone. Lose of 1.0330 on the other hand, will expose the downside, again towards 1.0260/70 price zone.
Support levels: 1.0330 1.0300 1.0260
Resistance levels: 1.0370 1.0410 1.0460