EUR/USD Current price: 1.0625
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The EUR/USD pair trades in quite a thin range around the 1.0550 area, as the market waits for the ECB economic policy meeting this Wednesday. Earlier in the day, local data resulted mild weak, with German wholesale prices down by 1.1% in March, yearly basis, and Spain inflation still negative. In the US, Retail Sales missed expectations, up 0.9% in March against 1.1% expected, while Producer price indexes came out as expected, triggering a dollar bearish run across the board. Technically, the EUR/USD 1 hour chart shows that the price advances above a flat 20 SMA and extends above the 1.0600 figure, whilst the technical indicators head strongly up above their mid-lines. In the 4 hours chart, the price advances above a bearish 20 SMA, while the technical indicators gain upward momentum above their mid-lines, supporting additional advances, up to 1.0690, the 61.8% retracement of its latest bullish daily run.
Support levels: 1.0600 1.0550 1.0520
Resistance levels: 1.0690 1.0720 1.0755
GBP/USD Current price: 1.4725
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The GBP/USD pair recovered earlier in the day, but stalled a few pips below the 1.4700 figure, from where it fell down to 1.4602. In the UK, inflation was unchanged at 0.0% y/y in March, while house prices rose less than expected in March, up 7.2%. The short term picture favors the upside after tepid US data, as the pair surged to a fresh 3-day high and the 1 hour chart shows that the price accelerated above its 20 SMA, whilst the technical indicators head higher above their mid-lines. In the 4 hours chart the technical indicators are accelerating above their mid-lines, supporting also a continued advance as long as the 1.4690 price zone now attracts buying interest.
Support levels: 1.4690 1.4635 1.4585
Resistance levels: 1.4750 1.4790 1.4830
USD/JPY Current price: 119.60
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Abe's advisor Hamada is back on the wires, trying to correct the mess triggered yesterday after talking about an USD/JPY at 105.00. Today, he stated that 120.00 is an acceptable level, but if the price surges further up to 125/130, then that will widen the gap between purchasing power parity and spot rate, something undesirable. The USD/JPY pair recovered from a daily low at 119.54 and approached to the 120.00 level before resuming the downside, extending its daily decline down to 119.46. The 1 hour chart shows that the 200 SMA continues to cap the upside in the 119.90 level, whilst the technical indicators have turned lower in negative territory after correcting oversold readings. In the 4 hours chart the indicators stand well below their mid-lines, albeit lacking directional strength at the time being, whilst the price stands below its moving averages, favoring a downward continuation particularly if the pair breaks below the 119.35 level, the immediate support.
Support levels: 119.35 118.90 118.50
Resistance levels: 119.90 120.20 120.45
AUD/USD Current price: 0.7598
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The Australian dollar maintains a heavy tone against the greenback, as the pair surged up to 0.7624 during the last Asian session before regaining the downside. Falling gold prices that approached the $1,180 level, indeed weighed on the antipodean currency. Technically, the 1 hour chart shows that the price is still unable to advance above the 0.7600 level, albeit a mild positive tone prevails, with the price above its 20 SMA and indicators crossing their mid-lines to the upside. In the 4 hours chart, the 20 SMA maintains a strong bearish slope well above the current level, whist the technical indicators are barely bouncing from oversold readings, keeping the upside limited as long as the price remains below 0.7625.
Support levels: 0.7550 0.7520 0.7490
Resistance levels: 0.7625 0.7660 0.7700
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