EUR/USD Current price: 1.1240
View Live Chart for the EUR/USD
The EUR/USD pair finally found a short term bottom at 1.1113 this Friday, having bounced back above the 1.1200 figure by US opening, a shy 140 pips bounce considering the pair lost 530 ever since Draghi announced QE. Stocks soared in Europe, but worse than expected US Markit Manufacturing PMI is forcing local share markets lower, and investors toward profit taking. The EUR/USD pair erased half its intraday losses, and the 1 hour chart shows that indicators aim higher from extreme oversold levels, while 20 SMA maintains a strong bearish slope offering resistance around 1.1310. In the 4 hours chart indicators maintain a strong bearish momentum, deep in oversold territory and supporting the dominant bearish trend. A retracement below 1.1200 should see the pair resuming its slide while selling interest will likely surge if the price extends up to 1.1290/1.1310.
Support levels: 1.1200 1.1160 1.1115
Resistance levels: 1.1260 1.1290 1.1310
GBP/USD Current price: 1.5009
View Live Chart for the GBP/USD
The GBP/USD pair has bounced from a multi-month low of 1.4950, struggling to hold above the 1.5000 level. The short term technical picture shows that the price advanced above its 20 SMA whilst indicators correct higher but remain below their midlines, supporting a limited upward corrective movement, should the pair extend its advance above 1.5025 immediate resistance. In the 4 hours chart technical readings are biased lower deep in the red, suggesting current upward move will remain limited. Sellers will likely surge on approaches to 1.5025/50, while the downward movement should resume if price eases again below the 1.4980 level.
Support levels: 1.4980 1.4950 1.4920
Resistance levels: 1.5025 1.5050 1.5090
USD/JPY Current price: 117.68
View Live Chart for the USD/JPY
The USD/JPY has been unable to pick up this Friday, under pressure since early Asia. The 1 hour chart shows that the pair failed to advance beyond a daily descendant trend line, whilst indicators head strongly south below their midlines and the prices pressures 200 SMA, immediate support. In the 4 hours chart technical indicators hover around their midlines, giving no clear clues on upcoming direction, but the price developing below moving average suggest further declines are likely.
Support levels: 117.45 117.00 116.60
Resistance levels: 117.90 118.35 118.80
Recommended Content
Editors’ Picks
EUR/USD hold comfortably above 1.0750 as USD recovery loses steam
EUR/USD clings to small daily gains above 1.0750 in the early American session on Monday. In the absence of high-tier data releases, the US Dollar finds it difficult to gather recovery momentum and helps the pair hold its ground.
GBP/USD struggles to find direction, holds near 1.2550
GBP/USD stays under modest bearish pressure and trades near 1.2550 on Tuesday. The neutral risk mood, as reflected by the mixed action seen in US stocks, doesn't allow the pair to make a decisive move in either direction. The Bank of England will announce policy decisions on Thursday.
Gold rebounds to $2,320 as US yields edge lower
After falling to $2,310 in the early European session, Gold recovered to the $2,310 area in the second half of the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% and helps XAU/USD find support.
Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions
Ripple lawsuit’s latest development is SEC filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.