EUR/USD Current price: 1.3682
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It was a great day in the forex market, except again for the EUR/USD that was incapable to move: the pair spent the day trading in between 1.3675, 61.8% retracement of this year rally and 1.3700, the daily high. With the ECB, expected to do bring nothing new to the table, and US payrolls both on Thursday, some of the lack of action in the pair is due to the expectation ahead of the news; but weak data on both sides of the shore indeed helps, as there are no clear signs any of both economies is really picking up. Anyway, and from a technical point of view, the pair maintains a mild bearish tone in its hourly chart, with price below its 20 SMA and indicators aiming higher in neutral territory. In the 4 hours chart indicators however maintain the positive tone near overbought levels, with a price acceleration above 1.3700 probably resulting in a quick test of 1.3735, 50% retracement of the mentioned rally.
Support levels: 1.3675 1.3645 1.3610
Resistance levels: 1.3700 1.3735 1.3770
EUR/JPY Current price: 138.90
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The EUR/USD posted the shiest possible 3 week high this Tuesday, reaching 139.13 before pulling back below the 139.00 figure: US stocks soaring with S&P at fresh record highs and DJIA flirting with 17000 are the main reason behind JPY intraday weakness, yet to be seen if it can be sustained in time. In the meantime, the EUR/JPY stands above its 100 and 200 SMAs, both flat in the 138.40/50 price zone, as indicators hold in neutral territory. In the 4 hours chart, a mild positive tone prevails according to technical readings, yet considering the pair has been trading in a 130 pips range for three weeks in a row, there’s little suggesting some directional move for the days ahead.
Support levels: 138.45 137.90 137.30
Resistance levels: 139.00 139.35 139.80
GBP/USD Current price: 1.7151
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Pound stands near its daily high against the dollar, having reached 1.7165 before stalling, supported by more encouraging PMI data in the UK. Technically, the hourly chart shows indicators slightly exhausted in overbought territory, while 20 SMA offered intraday support early Europe, standing now around 1.7130 and acting as immediate short term support. In the 4 hours chart however, technical indicators maintain a strong upward momentum despite RSI stands at 82, which keeps favoring the upside, eyeing a test of 1.7250 price zone for the upcoming sessions.
Support levels: 1.7130 1.7095 1.7060
Resistance levels: 1.7180 1.7220 1.7250
USD/JPY Current price: 101.52
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The USD/JPY edged higher on Tuesday, reaching 106.00 daily highs favored also by strong US stocks. The hourly chart shows price hovering around a still bearish 100 SMA while momentum heads higher above its midline, and CCI diverges to the downside, leaving a neutral short term picture. In the 4 hours chart indicators head higher above their midlines, yet unless a clear price acceleration above former support around 101.60 the upside will likely remain limited, with risk to the downside increasing on a break below 101.20 immediate support.
Support levels: 101.20 100.70 100.35
Resistance levels: 101.60 102.00 102.35
AUD/USD Current price: 0.9497
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AUD/USD advanced to a fresh year high of 0.9504, trading a few pips below as a new day starts. With the RBA bringing nothing new to the table, the Aussie found support already in past Asian session, and weaker dollar on rising indexes did the rest. The pair has barely retrace 10 pips so far after reaching mentioned high, with the hourly chart showing indicators retracing from extreme overbought levels: price behavior however seems more relevant now and the fact that holds suggest fresh highs are still at sight. In the 4 hours chart technical readings maintain a strong upward momentum, with buyers now probably surging on pullback to 0.9460 and eyeing 0.9550/60 price zone on another attempt beyond 0.95.
Support levels: 0.9460 0.9420 0.9370
Resistance levels: 0.9500 0.9550 0.9590
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