EUR/USD Current price: 1.3124
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Majors consolidate near their daily lows ahead of US data, with the greenback standing as the overall daily winner so far today. The EUR/USD bounced some from a daily low of 1.3109 but maintains the bearish tone, as per being capped by its 20 SMA in the 1 hour chart, while indicators stand in negative territory. In the 4 hours chart indicators aim higher from oversold levels, pointing for a limited upward correction while 20 SMA presents a strong bearish slope currently offering intraday resistance around 1.3150. Dollar strength could get a boost from US data to be released shortly, favoring then a break lower towards 1.3050.
Support levels: 1.3105 1.3080 1.3050
Resistance levels: 1.3150 1.3180 1.3215
GBP/USD Current price: 1.6522
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Pound trades at fresh 6 month low against the greenback, having been unable to recover despite strong UK Construction PMI reading, up to 64. The pair pressures its daily low right below the 1.6520 figure, with the hourly chart showing a strong bearish momentum coming from indicators that continue heading south despite in oversold territory. In the 4 hours chart technical readings also present a bearish bias, pointing for further short term falls as long as sellers now surge on approaches to 1.6540/50 price zone.
Support levels: 1.6510 1.6470 1.6435
Resistance levels: 1.6540 1.6585 1.6620
USD/JPY Current price: 104.93
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The USD/JPY flirts with the 105.00 level, trading around a long term descendant trend line coming back from 1998. The hourly chart shows indicators barely retracing from extreme overbought readings, but price holding near the highs, suggesting the downward corrective movement will remain limited. In the 4 hours chart moving averages had gained further bullish slope well below current price, while indicators also look exhausted to the upside in extreme overbought levels. Nevertheless, a break above 105.10 should deny the possibility of a downward correction and see the pair extending up to 105.43, this year high.
Support levels: 104.80 104.30 104.00
Resistance levels: 105.10 105.45 105.90
AUD/USD Current price: 0.9286
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Aussie lost the 0.9300 level against the dollar, with the pair now steady near its daily low of 0.9275. The hourly chart shows price well below a bearish 20 SMA while indicators stand in oversold territory, far from suggesting a recovery. In the 4 hours chart the technical picture is also bearish, with a break now below 0.9260 required to confirm a new leg down.
Support levels: 0.9260 0.9220 0.9170
Resistance levels: 0.9300 0.9330 0.9370
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