EUR/USD: selling interest strong, 1.1080 still possible
|EUR/USD Current Price: 1.1148
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The American dollar was under limited selling pressure this Tuesday, after markets came back from a long weekend that keep UK and US banking sectors closed, mostly due to some profit taking at this last day of May. The EUR/USD pair advanced up to 1.1164, underpinned by strong German data released earlier today, showing that the unemployment rate fell to 6.1% against previous 6.2%, while Retail Sales for April surged by 2.3%, against the 1.9% advance forecast. The US regained some ground after the release of Personal Income and Spending data, as income rose by 0.4% as expected, but spending soared to 1.0% in April.
The EUR/USD pair remains within positive territory daily basis, but the risk has turned towards the downside in the short term, as in the 1 hour chart, the price failed to hold above the 100 SMA, whilst the technical indicators have turned sharply lower within bullish territory. In the 4 hours chart, the price was unable to advance beyond a mild bearish 20 SMA, whilst the technical indicators keep consolidating right below their mid-lines, with little directional strength.
Support levels: 1.1120 1.1080 1.1040
Resistance levels: 1.1160 1.1200 1.1245
GBP/USD Current price: 1.4637
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The GBP/USD pair has been quite volatile ever since the day started, with a new Brexit poll showing the "leave" is gaining pace, although the "remain" still leads. Sellers surge on spikes beyond 1.4700, but buying interest seems willing to add on declines below the 1.4600 figure, leaving the pair mid-way and with no certain intraday directional strength. In the 1 hour chart, the price is unable to advance above a flat 20 SMA, whilst the technical indicators have lost upward strength after crossing their mid-lines towards the upside, for the most neutral. In the 4 hours chart, the price is struggling around a bearish 20 SMA, whilst the technical indicators have turned modestly higher right below their mid-lines, not enough to confirm further advances today.
Support levels: 1.4585 1.4550 1.4520
Resistance levels: 1.4655 1.4690 1.4730
USD/JPY Current price: 111.16
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Ranging ahead of ECB and NFP. The USD/JPY pair fell down to 110.81 at the beginning of the day, but quickly recovered ground although remained contained below the 100 DMA and yesterday's high of 111.44. The pair presents a modest upward potential in the short term, as the price keeps developing well above its moving averages, while the technical indicators head higher after crossing their mid-lines, in line with further gains. In the 4 hours chart, the technical indicators head modestly higher around overbought territory, rather consolidating than suggesting an upcoming upward move. The pair can rally up to 112.30 on a break above the mentioned 111.45 region, although with the ECB economic policy meeting and the US Nonfarm Payrolls on the dock for later this week, the most likely scenario is some further limited ranging.
Support levels: 111.00 110.60 110.20
Resistance levels: 111.45 111.90 112.30
AUD/USD Current price: 0.7244
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The Aussie got a nice boost at the beginning of the day, rising against the greenback up to 0.7266 on the back stronger-than-expected exports for the Q1. The AUD/USD pair however, retreats ahead of the US opening, but the movement seems just a downward correction, given that in the 1 hour chart, the technical indicators are turning south from extreme overbought territory, whilst the price remains well above a bullish 20 SMA. In the 4 hours chart, the pair maintains a neutral stance, with quite a modest upward tone, as the price is now above a horizontal 20 SMA, whilst the technical indicators consolidate above their mid-lines. Renewed selling pressure below 0.7215 should see the pair resume its decline, down towards the monthly low in the 0.7145 region.
Support levels: 0.7215 0.7170 0.7145
Resistance levels: 0.7260 0.7295 0.7330
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