EUR/USD Current price: 1.1147
View Live Chart for the EUR/USD
The EUR/USD pair has fell down to 1.1065 intraday, but recovered some ground amid an optimistic forecast from the EU Commission regarding GDP and inflation figures, both revised to the upside for this 2015. Nevertheless, the pair is accelerating above the critical 1.1120 resistance, following the release of poor US Trade balance figures. Earlier in the day, market rumors pointed for more delays in the Greek drama, with the IMF retreating its support to the country, whilst German FM Schaeuble hit the wires stating he's skeptical on reaching a deal before the next due payment to the international organism. The technical picture shows a limited upward potential as the 1 hour chart shows that the price can't advance its 100 SMA, whilst the technical indicators aim higher, but remain below their mid-lines. In the 4 hours chart the 20 SMA turns lower around 1.1190, whilst the technical indicators maintain their strong bearish slopes in negative territory, supporting a downward continuation towards 1.1050, 38.2% retracement of its latest bullish run and former highs. Should the price hold above 1.1120, the upside is favored towards the 1.1200 price zone.
Support levels: 1.1120 1.1095 1.1050
Resistance levels: 1.1120 1.1150 1.1190
GBP/USD Current price: 1.5150
View Live Chart for the GBP/USDInvestors continue to ignore the British Pound ahead of the general elections to be conducted next Thursday, with the pair stuck in a tight range right above the 1.5100 figure. Additionally, the UK has not released macroeconomic data this week, which only has made the range tighter. Nevertheless, the GBP/USD spiked higher after US data, and the 1 hour chart shows that the price advanced above its 20 SMA, whilst the technical indicators are aiming to move away from their mid-lines. In the 4 hours chart the 20 SMA maintains a strong bearish slope above the current price whilst the technical indicators have recovered from oversold levels, but remain in negative territory, limiting chances of a strong recovery ahead.
Support levels: 1.5130 1.5085 1.5040
Resistance levels: 1.5170 1.5210 1.5250
USD/JPY Current price: 120.44
View Live Chart for the USD/JPYThe USD/JPY soared to a daily high of 120.49 as stocks opened with a firm tone, retreating partially from the level after the release of worse than expected US trade balance figures: the deficit surged to 51.37B in March. The 1 hour chart for the pair shows that the technical indicators have turned lower, but are still above their mid-lines, whilst the 100 SMA heads higher above the 200 SMA both well below the current price, something that should keep the downside limited. In the 4 hours chart the technical indicators have retraced from oversold levels, and head lower in positive territory. The pair may retreat down to 120.00 if the dollar keeps fading, albeit the downward risk will remain limited as long as the pair holds above the 120.00 level.
Support levels: 120.00 119.65 119.30
Resistance levels: 120.45 120.85 122.10
AUD/USD Current price: 0.7892
View Live Chart for the AUD/USDIt was a wild ride for the Aussie after the RBA decided to cut rates down to 2.0% during the past Asian session. The initial reaction of the AUD/USD pair was a freefall down to 0.7788, albeit the pair suddenly changed course and soared up to 0.7917 as investors noticed the RBA was far less dovish than expected. Technically, the 1 hour chart shows that the price extends above a bullish 20 SMA, whilst the technical indicators are aiming higher above their mid-lines, supporting some additional advances. In the 4 hours chart the technical picture is also mild bullish, albeit the price needs to break above 0.7940 to gain upward momentum and approach to last week highs in the 0.8100 price zone.
Support levels: 0.7860 0.7800 0.7770
Resistance levels: 0.7900 0.7940 0.7980
Recommended Content
Editors’ Picks
EUR/USD flirts with daily tops near 1.0730
The continuation of the selling pressure in the Greenback now lends further oxygen to the risk complex, encouraging EUR/USD to revisit the area of daily highs near 1.0730.
USD/JPY looks stable around 156.50 as suspicious intervention lingers
USD/JPY remains well on the defensive in the mid-156.00s albeit off daily lows, as market participants continue to digest the still-unconfirmed FX intervention by the Japanese MoF earlier in the Asian session.
Gold holds steady above $2,330 to start the week
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.