EUR/USD Current price: 1.3320
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No changes for the EUR/USD, that continues trading in a tight range and hovering around the 1.3320 Fibonacci level. News are barely affecting the pair, as it extends its consolidative stage, and if anything, positive UK data prevented the pair to slide today, as it positive news there favored some dollar selling across the board. With technical readings in neutral territory both in the 1 and the 4 hours charts, either a break above 1.3410 or below 1.3250 is now what it takes to set a clearer direction in the pair. Until then, playing the range with tight stops is the name of the game.
Support levels: 1.3290 1.3250 1.3220
Resistance levels: 1.3330 1.3350 1.3375
GBP/USD Current price: 1.5871
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Early Europe, the BoE Minutes showed policy makers are starting to consider no more QE is needed, while employment figures improved in the UK, sending GBP/USD to the top of its latest range in the 1.5880/90 area. However, market was unable to push higher, and the pair trades positively yet limited. In the hourly chart, technical readings head north above their midlines as price develops above 20 SMA, which favors the upside in the short term, as long as price holds above 1.5850 immediate support. Still, steady gains above 1.5890 are needed to expose 1.5950 area for today.
Support levels: 1.5850 1.5820 1.5770
Resistance levels: 1.5885 1.5915 1.5950
USD/JPY Current price: 88.51
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Japanese yen continued strengthening early Wednesday, and the USD/JPY reached an intraday low of 88.05 before managing to bounce higher. As for the short term, the hourly chart shows price still developing below 100 and 200 SMA’s, both above current price and turning lower, keeping the pressure to the downside. In the 4 hours chart however, price is bouncing from its 100 SMA, while indicators aim slowly higher from oversold readings: a recovery now should extend above 88.80 to see more short term gains towards 89.10 and 89.40 later today.
Support levels: 88.35 88.00 87.70
Resistance levels: 88.80 89.10 89.45
AUD/USD: Current price: 1.0549
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The AUD/USD also seems well limited either sides of the board, as the pair found buyers around 1.0520 support after disappointing Australian inflationary data, while gains are unable to extend beyond 1.0570/80 price zone. Right in the middle, and slightly bearish according to the hourly chart, consolidation is here to stay unless a break of the extremes at 1.0490 and 1.0610.
Support levels: 1.0520 1.0490 1.0460
Resistance levels: 1.0575 1.0600 1.0660
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