EUR/USD Current price: 1.1070
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US GDP figures missed expectations, with growth in the first quarter sharply lower: the economy grew just 0.2% according to the first reading of the Q1 for 2015, driving the EUR/USD to a fresh monthly high on the 1.1070 area. The pair retreated from the level, but held well above the 1.1000 figure, now looking for fresh highs. Technically, the 1 hour chart shows that the technical indicators head strongly higher, with the RSI in extreme overbought territory, whilst the 20 SMA provides intraday support around 1.0990. In the 4 hours chart, the bias is also higher, despite indicators are in overbought territory, supporting additional advances up to the 1.1120 price zone.
Support levels: 1.1045 1.1000 1.0950
Resistance levels: 1.1085 1.1120 1.1160
GBP/USD Current price: 1.5409
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The GBP/USD extended its early advance to a fresh multi-week high after worse than expected US GDP figures, stabilizing above the 1.5400 level and with the 1 hour chart showing that the 20 SMA has been providing intraday support, now around 1.5350, whilst the technical indicators head sharply higher after correcting overbought levels. In the 4 hours chart the strong upward momentum prevails, with the RSI heading higher around 84 and the Momentum indicator also heading strongly up in overbought levels. The pair can now extend up to 1.5500, a critical resistance level.
Support levels: 1.5385 1.5340 1.5300
Resistance levels: 1.5430 1.5465 1.5500
USD/JPY Current price: 118.95
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The USD/JPY pair trades around the 119.00 figure, having recovered from a low set at 118.88 following the macroeconomic news. The pair continues to lack directional strength, and the 1 hour chart shows that the price failed to run above its moving averages, whilst the technical indicators head sharply lower after reaching overbought territory. In the 4 hours chart indicators have turned lower around their mid-lines, albeit as long as between 118.50/120.00 playing the range is the only option.
Support levels: 118.50 118.10 117.70
Resistance levels: 119.10 119.50 120.00
AUD/USD Current price: 0.8032
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The AUD/USD trades above the 0.8000 level, maintaining the bullish potential seen earlier this week. The strong comeback in metals, with gold and iron-ore prices sharply higher on Tuesday, are supporting the Aussie, alongside with Chinese stimulus. Technically, the 1 hour chart shows that the price advances above its 20 SMA whilst the technical indicators crossed their mid-lines towards the upside, favoring the ongoing upward strength. In the 4 hours chart the technical indicators are also heading higher despite being in overbought territory, all of which suggest the pair can extend up to 0.8160 during the upcoming sessions, a key midterm resistance level.
Support levels: 0.7990 0.7940 0.7900
Resistance levels: 0.8065 0.8100 0.8130
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