EUR/USD: tepid advance on weak US data

EUR/USD Current price: 1.2496

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The EUR/USD pair battles to overcome the 1.2500 level, after the first batch of US data resulted disappointing:  US Durable goods orders ex transp. fell 0.9% against an expected rise of 1.0%, jobless claims are up to 313K, while consumption data resulted mixed. The dollar shed ground across the board ahead of the next round of readings, with the EUR/USD 1 hour chart showing price extending above its moving averages, and indicators aiming higher in neutral territory, still not signaling further advances. In the 4 hours chart technical readings present a mild positive tone, yet price needs to extend beyond 1.2520 immediate resistance to confirm further intraday advances towards 1.2560 price zone.

Support levels: 1.2485 1.2440 1.2400 

Resistance levels: 1.2520 1.2560 1.2600

GBP/USD Current price: 1.5780

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The GBP/USD flirted with the 1.5800 level finally breaking its recent range to the upside on tepid positive news coming from the UK. Despite not a surprise, GDP readings printed as expected a 3.0% growth, albeit business investment suffered a small setback. Technically, the 1 hour chart shows price extending above its 20 SMA while indicators enter overbought territory, mostly due to recent lack of direction than a suggesting a strong upward continuation, while in the 4 hours chart indicators also turned higher after price failed to break below its 20 SMA. If 1.5770 attracts buyers on pullbacks, the upside is favored towards 1.5825 price zone in the short term, and up to 1.5860/80 if the last gives up.

Support levels: 1.5770 1.5740 1.5700 

Resistance levels: 1.5825 1.5860 1.5900

USD/JPY Current price: 117.71

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Trading lower in range, the USD/JPY has broke below a short term ascendant trend line, albeit holds above recent lows in the 117.30/40 price zone, immediate support. The 1 hour chart shows indicators lacking directional strength below their midlines, while 100  SMA gains a shy bearish slope above current price. In the 4 hours chart indicators rest around their midlines presenting a quite limited bearish slope, but for the most neutral. Price needs to accelerate below mentioned support area to extend its decline over the upcoming hours, while the short term bearish tone will prevail as long as 118.00 contains the upside.

Support levels:  117.35 117.00 116.65 

Resistance levels: 118.00 118.40 118.90

AUD/USD Current price: 0.8508

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Australian dollar sees no relief, having felt against the greenback down to 0.8479 levels not seen since July 2010. The AUD/USD 1 hour chart shows weak US data triggered a short term spike higher that was contained by a bearish 20 SMA around 0.8530, while indicators head lower in negative territory. In the 4 hours chart indicators stand in extreme oversold levels, as price consolidates near mentioned low. If US data continues to disappoint, a short covering rally may see the pair recovering some ground up to 0.8570 price zone, but the dominant trend is still bearish, and sellers will like resurge on temporal advances.

Support levels: 0.8470 0.8425 0.8380

Resistance levels: 0.8530 0.8570 0.8610