EUR/USD: back to where it started

EUR/USD Current price: 1.0832

View Live Chart for the EUR/USD

Thin ranges have extended all through the forex board this Monday, with the EUR/USD pair having traded in a 50 pips range and closing the day a handful of pips above its daily high. The pair has fallen down to test May's low at 1.0819, during the Asian session and bounced up to 1.0869 mid American afternoon, but failed to sustain its gains. The calendar was light, but in Europe news were pretty discouraging as  the German Producer Price Index fell by 1.4% in June compared to a year before, while monthly basis, the index fell by 0.1%, both numbers missing expectations. The EU current account recorded a surplus of €18.0 billion in May 2015 below a revised €24.0B from April, whilst there were no macroeconomic news in the US. In another order of news, Greek banks have reopened after being closed for three weeks, whilst the country pay to the IMF a €1.6B maturity. 

The EUR/USD pair maintains its bearish trend, although the short term picture presents a neutral stance, as in the 1 hour chart, the price stands around a horizontal 20 SMA, whilst the technical indicators head slightly lower around their mid-lines. In the 4 hours chart the intraday upward recovery stalled a few pips below a bearish 20 SMA, whilst the technical indicators have resumed their declines in negative territory, after correcting oversold readings. A break below 1.0820 is still required to confirm additional declines, eyeing as a probable bearish target for this Tuesday, the 1.0745 region. 

Support levels: 1.0820 1.0790 1.0745

Resistance levels: 1.0860 1.0890 1.0920 

EUR/JPY Current Price: 134.66

View Live Chart for the EUR/JPY

The EUR/JPY gained some ground during the first day of the week, reaching a daily high of 135.04 before retreating some. The pair flirted with its 100 DMA on Friday, currently around 134.20, acting as an immediate intraday support, and the shallow bounce from it, suggests the risk towards the downside is still high. Shorter term, the 1 hour chart shows that the 100 SMA crossed below the 200 SMA, above the current price, whilst the technical indicators present tepid bearish slopes in neutral territory. In the 4 hours chart, the technical indicators advanced up to their mid-lines, from where they are now retracing, whilst the 100 SMA continues heading south well above the current level, supporting the shorter term view.  

Support levels:  134.20 133.60 133.25 

Resistance levels: 135.05 135.50 135.00

GBP/USD Current price: 1.5576

View Live Chart for the GPB/USD

The GBP/USD pair closed the day in the red, having been contained on its attempts higher, by selling interest in the 1.5620 price zone earlier in the day. There was only a minor macroeconomic figure released in the UK, the Rightmove house price index, up 0.1% monthly in July, and 5.1% in the same month, but compared to a year before. Dollar's demand early Europe, has sent the pair down to a daily low of 1.5537, around the 38.2% retracement of the latest bullish run between  1.5329 and 1.5674, but demand around this last contained the decline. Technically, the 1 hour chart shows that the downside is favored, as the price stands below a bearish 20 SMA, whilst the technical indicators head lower below their mid-lines. In the 4 hours chart, the price is, however, above  its 200 EMA, while the 20 SMA also heads lower above the current price and the technical indicators stand in negative territory, limiting chances of a stronger advance at the time being. 

Support levels: 1.5545 1.5510 1.5460

Resistance levels: 1.5585 1.5620 1.5675

USD/JPY Current price: 124.28

View Live Chart for the USD/JPY

The USD/JPY pair traded in quite a limited range during the past 24 hours, consolidating , however, above the 124.00 figure. There are no fundamental news scheduled in Japan for the upcoming session, and with no clues coming from mute stocks worldwide, the pair will likely remain range bound. Technically the 1 hour chart shows that the price is well above its 100 SMA, currently around 123.90, whilst the technical indicators present a mild bullish tone above their mid-lines. In the 4 hours chart, the price remains near the daily high established at 124.37, while the RSI indicator hovers around overbought levels, although the Momentum indicator continues to diverge lower, approaching its 100 level, which increases the risk of a bearish move. Nevertheless, the pair can decline down to 123.30 without actually confirming a top is in place. Buying interest is expected to surge on approaches to this level, whilst a price acceleration above 124.45 is required to see the pair advancing towards the 125.00 price zone.

Support levels: 124.05 123.70 123.30 

Resistance levels: 124.45 124.90 125.30

AUD/USD Current price: 0.7373

View Live Chart for the AUD/USD

The AUD/USD pair sunk to a fresh 6-year low of 0.7327 as metals, and particularly gold, nosedived during the previous Asian session. Gold fell down to  $1,071.03 a troy ounce after China revealed its holds, well below market expectations. As for the AUD/USD pair, it attempted an intraday recovery, but found sellers on an approach to the 0.7400 level, now the immediate intraday resistance. Upcoming movements will be most likely dependent on the RBA's Minutes from the latest meeting, and the tone of Governor Glenn Stevens, as if somehow is dovish, the Aussie will likely resume its decline. Short term, the 1 hour chart shows that the price stands above a flat 20 SMA, currently around 0.7360, whilst the Momentum indicator turned lower above the 100 level and the RSI indicator lacks directional strength in neutral territory. In the 4 hours chart, however,  the 20 SMA capped the upside around the daily high, whilst the technical indicators also lack directional strength, but stand below their mid-lines, inclining the balance towards the downside. 

Support levels: 0.7360 0.7325 0.7290

Resistance levels:  0.7400 0.7445 0.7470