AUD and GBP outperform, USD/JPY eyeing 100.00

GBP/USD Current price: 1.6747

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The GBP/USD finally emerged from its cocoon breaking its range to the upside on another round of UK improved data. Manufacturing and Industrial readings overcame expectations, helping the pair advance beyond the 1.6700 level in the European morning. With no retracements in between, the pair managed to extend up to 1.6754 early US session, breaking above a descendant trend line coming from this year high of 1.6821 and maintaining a strong upward short term tone: the hourly chart shows indicators still aiming higher after partially correcting extreme overbought readings, while 20 SMA stands almost vertical below current price. In the 4 hours chart indicators are giving some signs of exhaustion in overbought territory, yet as long as price holds above 1.6710, the downside will remain limited, with scope to test 1.6820 on a break of mentioned daily high. 

Support levels: 1.6710 1.6660 1.6620 

Resistance levels: 1.6760 1.6820 1.6860

USD/JPY Current price: 101.69

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Yen came back was particularly strong against the greenback, with the pair down to 101.54 posting the largest one day lose of the year. Despite the long run, the hourly chart shows momentum maintaining a strong bearish tone and CCI above -200, neither suggesting extreme oversold levels at the time being. In the 4 hours chart the technical picture is also strongly bearish, with 101.20/30 area as next strong support and probable bearish target if the Nikkei bleeds again. A break below this last exposes 100.60/80 area in the short term, in route to 100.00 critical figure.

Support levels: 101.25 100.80 100.35

Resistance levels: 102.20 102.60 103.00 

AUD/USD Current price: 0.9355

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Trading at fresh 5 months highs, the AUD/USD enters Asian session still buoyed and near the mentioned high of 0.9366. The hourly chart shows indicators saturating flat in overbought territory as price extended its advance, while 20 SMA bullish slope extended up to 0.9330 price zone, now immediate support. In the 4 hours chart indicators stand in overbought territory also, looking slightly exhausted but far from suggesting a reversal. As long as above mentioned support, the pair may continue advancing, eyeing the 0.9445 level, past November 19th daily high. Once above this last, the path is almost clear up to 0.9520, where some profit taking may trigger a bearish correction inside current bullish trend.

Support levels: 0.9330 0.9370 0.9240 

Resistance levels: 0.9390 0.9445 0.9485

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