EUR waiting, AUD to outperform

EUR/USD Current price: 1.3052

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Tuesday was not about forex, but about stocks: US indexes soared with the DJIA breaching above its previous all time high and even closing the day at new records. Across the forex board was more of a position adjustment and ranging, ahead of European Central Banks and US Payrolls by the end of the week. Fundamental data was overall positive in both shores of the Atlantic, yet the EUR/USD traded range bound most of the day, unable to set a trend. Early Asian session, the hourly chart shows a quite limited bullish tone, as price stands above 20 SMA while indicators lay above their midlines, showing not much strength at the time being. The 1.30/31 range will probably extend ahead of ECB on Thursday, with the downside seen limited by market positive mood. 

Support levels: 1.3010 1.2980 1.2940 

Resistance levels: 1.3080 1.3220 1.3260

EUR/JPY Current price: 121.79

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The EUR/JPY continues to trade in between Fibonacci levels still neutral according to the hourly chart. 100 and 200 SMA’s converge in the same area, reflecting the lack of direction of the pair, although price stands above them, while 100 one approaches the larger one, suggesting certain buying interest around. The pair will likely lead the session, with the upside favored if local share markets suffer an optimism contagion, with a break above 122.00 favoring a run towards 122.60 area, 61.8% retracement of its latest daily fall.

Support levels: 121.20 120.90 120.40 

Resistance levels: 122.00 122.60 123.10

USD/JPY Current price: 93.33

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The USD/JPY managed to bounce from an intraday low of 92.90, but the upside still looks tough as there is not much buying interest around. The hourly chart shows indicators flat in positive territory, although 100 SMA crossed downside up 200 one, which points for further gains toward 93.80 key resistance level. While risk appetite will likely prevent the pair from sliding beyond the 92.80 support area, gains are also seen limited by 94.00/10 price zone, where sellers align now.

Support levels: 92.80 92.40 92.00

Resistance levels:  93.40 93.80 94.10

AUD/USD: Current price: 1.0254

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Aussie strength extended against the greenback, with the pair quite close to a key resistance area around 1.0270, where the pair presents several intraday highs and lows and a daily descendant trend line coming from 1.0573, Jan 23rd daily high. With Australian GDP data to be released today, a positive reading may push the pair above the level, triggering a continuation rally that can extend towards 1.0330 area over the Asian session. Commodity currencies is the place to be if stocks continue to rise across the world. The level to watch to the downside is 1.0220 that offered static support for most of this past February.

Support levels: 1.0220 1.0180 1.0150 

Resistance levels: 1.0270 1.0300 1.0335