EUR/USD Current price: 1.1345
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The EUR/USD pair trades in a quite tight range this Wednesday, capped by 1.1365, 50% retracement of the latest daily slide following ECB QE announcement. The US Federal Reserve will release a statement of its first 2015 meeting later today, and despite no surprise is expected, neither a press conference, market is on hold ahead of it. The short term picture is pretty neutral, with the price around a flat 20 SMA and indicators horizontal around their midlines, giving not much clues on where the market strength is. In the 4 hours chart indicators also lost directional strength, with momentum well into positive territory and the 20 SMA heading higher below the current price. The pair has been trading within Fibonacci levels for most of this last 2 days, with the 38.2% retracement of the above mentioned rally offering support at 1.1305, and the 61.8% at 1.1440, probable bullish target in the case of a major disappointment.
Support levels: 1.1305 1.1250 1.1210
Resistance levels: 1.1365 1.1400 1.1440
GBP/USD Current price: 1.5185
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The GBP/USD pair eased some after failing to overcome the weekly high of 1.5224, although remains near the 1.5200 level, presenting a short term neutral stance as per the lack of volume across the forex board. The 1 hour chart shows that the price is pressuring a flat 20 SMA, while indicators lack directional strength in neutral territory. In the 4 hours chart the pair maintains the positive tone seen on previous updates, with indicators aiming higher after a mild correction from overbought levels, whilst 20 SMA heads higher around 1.5100. The upside remains favored, albeit a break through the mentioned high is required to confirm further advances.
Support levels: 1.5170 1.5125 1.5080
Resistance levels: 1.5225 1.5265 1.5300
USD/JPY Current price: 117.74
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The USD/JPY pair trades slightly lower in the day, capped by a bearish 20 SMA in the daily chart, and with the short term picture favoring the downside, as despite indicators stand in neutral territory, the price develops below its moving averages. As commented on previous updates, the pair trades in a quite clear range between 117.00 and 118.80, and it will take a clear break of any of those extremes to set a clearer trend.
Support levels: 117.60 117.30 117.00
Resistance levels: 118.00 118.40 118.90
AUD/USD Current price: 0.7967
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Better than expected Australian CPI figures boosted AUD/USD up to 0.8024 this Wednesday, although the pair was unable to hold gains above the 0.8000 mark, and eased back to 0.7940. The 1 hour chart shows that the price struggles around a bullish 20 SMA whilst indicators remain above their midlines. In the 4 hours chart momentum indicator is losing its early strength, turning south but still above 100, while 20 SMA stands flat a few pips below the mentioned daily low. The pair has been unable to advance above the 38.2% retracement of the latest daily fall, suggesting latest upward corrective move may be complete. To resume the downside however, the pair would need to break below the 0.7900 level.
Support levels: 0.7935 0.7900 0.7860
Resistance levels: 0.8000 0.8040 0.8080
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