EUR/USD Current price: 1.3380
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The EUR/USD started the day in the losing side, down to a fresh year low of 1.3332, with the usual suspects behind it weak European data, US improved one with a shrinking deficit, and stocks in red on risk aversion. US opening however, saw local share markets shrugging off fears and erasing early losses, now closing a handful points up. But the dollar sunk big out of the bloom mid American afternoon, movement that started with USD/JPY dipping to 101.78, in what seems to have been a really fat finger: market rumors talk about 27,000 contracts being place instead of 27. Despite unconfirmed, dollar maintained its weak footing particularly against the EUR that enters Asian session trading at its daily high.
Technically, the hourly chart shows a strong upward momentum coming from technical readings, with price above its 20 SMA but below 100 one, and indicators still heading north. In the 4 hours chart, indicators bounce from oversold readings, while 20 SMA stands around 1.3400 offering immediate short term resistance. Considering the ECB will meet early European session, the pair will likely trade range bound ahead of it, not seen overcoming 1.3440 before the news.
Support levels: 1.3335 1.3295 1.3250
Resistance levels: 1.3400 1.3440 1.3475
EUR/JPY Current price: 136.52
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Yen wild intraday advance drove EUR/JPY to a fresh year low of 136.15, as the fat finger in yen contracts added to EUR self weakness. Slowly grinding higher, price consolidates below 136.60 strong static resistance level, with the hourly chat showing price well below 100 and 200 SMAs and momentum still heading lower despite in oversold levels. In the 4 hours chart indicators start getting exhausted in extreme oversold levels, but are far from suggesting an upward corrective movement. Above 136.60, the correction can extend near 137.00, but failure to advance beyond may see the pair resuming its slide after ECB.
Support levels: 136.60 136.20 135.80
Resistance levels: 136.90 137.50 137.90
GBP/USD Current price: 1.6844
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The GBP/USD continues to be restricted to a tight range, lower as per weighted by another round of weak UK data, this time in the form of manufacturing and industrial production. The pair posted then a daily low of 1.6821, albeit managed to bounce some up to current levels. The hourly chart shows 20 SMA capping the upside a few pips above current price, with momentum heading higher still below its midline, but RSI turning lower also in negative territory, which keeps the short term risk to the downside. In the 4 hours chart technical readings stand flat in neutral territory, lacking clear direction as per having traded in range for already a week. Despite the BOE will meet on Thursday, expectations are of a no change there, and therefore to have little influence in Pound.
Support levels: 1.6800 1.6770 1.6730
Resistance levels: 1.6845 1.6895 1.6940
USD/JPY Current price: 102.03
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The USD/JPY recovered right above 102.00 following a daily low of 101.78, and with the hourly chart showing 100 and 200 SMAs well above current price, while indicators attempt a recovery still deep in oversold levels. In the 4 hours chart a strong downward momentum prevails in indicators, and sellers may surge near 102.35 former support area. In that case, further slides, down to 101.60 are possible moreover on risk aversion, and despite dollar potential to advance.
Support levels: 102.25 101.95 101.60
Resistance levels: 102.80 103.10 103.40
AUD/USD Current price: 0.9351
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Commodity currencies were on demand this Thursday, backed by soaring gold, with the AUD/USD up to 0.9330 strong static resistance. The sudden dollar drop drove the pair up to next strong resistance area of 0.9370, from where the pair eased some but held above critical 0.9330. Ahead of Australian employment figures, the pair presents a strong upward momentum in the short term, with price well above a bullish 20 SMA and indicators heading strongly up despite in overbought levels. In the 4 hours chart the technical picture is also bullish, looking for a break above mentioned 0.9370 for an upward rally towards 0.9420, and bulls losing ground on a break below 0.9330.
Support levels: 0.9330 0.9300 0.9260
Resistance levels: 0.9370 0.9420 0.9460
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