EUR/USD: flirting with 1.3500

EUR/USD Current price: 1.3492

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The EUR/USD was all about ranging early Tuesday, and all about rising once the US come in: having been trading around 1.3450 area, better than expected US housing price index boosted stocks, and sentiment. The EUR/USD struggles around its daily highs, still unable to try 1.3500, although there’s no reason why it should not extend the upside over the upcoming hours: safe havens continue to be dropped in benefit of higher yielders, and even Pound managed to regain some ground after the news. The hourly chart shows momentum heading higher as well as RSI, while 20 SMA also gains upward tone supporting more short term gains. In the 4 hours chart, price has managed to bounce from a still bullish 20 SMA, supporting the shorter term bias. Wednesday will bring US GDP, ADP Survey and FED meeting, and neither point for a negative outcome that can flip current positive market mood.

Support levels: 1.3470 1.3430 1.3390

Resistance levels: 1.3510 1.3545 1.3585

GBP/USD Current price: 1.5760

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The GBP/USD bounce started early Asian session, extended over the US hours up to 1.5772, sending the pair above a daily descendant trend line coming from 1.6099, January 15th daily high. However, there are not much signs of strength that suggest current movement is beyond corrective. The hourly chart presents a slightly bullish tone as indicators stand in positive territory although flat, while 20 SMA heads north below current price, converging now with the trend line around 1.5740. Losses below this level should expose again the sub 1.57 area, while steady gains above 1.5820 is what it takes to consider 1.5673 weekly low as an interim bottom.

Support levels: 1.5740 1.5700 1.5660 

Resistance levels: 1.5785 1.5820 1.5860

USD/JPY Current price: 90.67

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Although daily low of 90.32 held and the USD/JPY bounced higher on higher US yields, the pair was unable to recover above the roof of the short term descendant channel clear in the hourly chart. Technical indicators in the mentioned time frame stand in neutral territory showing no actual strength either side of the board, while the roof of the channel offers resistance around 90.90, and 100 SMA at 90.30 at the time being. The USD/JPY will most likely hold its range with the upside favored, until US news are out.

Support levels: 90.30 89.80 89.60

Resistance levels: 90.90 91.20 91.60 

AUD/USD: Current price: 1.0466

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Increasing positive mood helped AUD/USD to extend its recovery up to 1.0470 static resistance level, and the pair consolidates right below early Asia, with the hourly chart showing momentum diverging from price action, as the indicator heads lower when price goes up. The 20 SMA in the mentioned time frame remains below current price although losses upward potential, while the 4 hours chart shows indicators biased higher and as long as above 1.0420, there’s scope for further rises with 1.0500 area now at sight.

Support levels: 1.0420 1.0380 1.0330

Resistance levels: 1.0470 1.0500 1.0540



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