EUR/USD Current price: 1.0945
View Live Chart for the EUR/USD
The American dollar trades lower across the board, with inflation ticking higher in China lifting investor's mood. At the beginning of the day, the official release showed that Chinese annual inflation rose to 1.5% from a previous 1.3%, surpassing expectations. In Europe, German trade surplus in October came out at €20.8B. The EUR/SD pair trades near its daily high of 1.0946 ahead of the US opening, and maintains the bullish tone seen on previous updates, moreover after breaking above 1.0880, now a key Fibonacci support. Technically, the 1 hour chart shows that the technical indicators remain above their mid-lines, whilst the price stands above its 20 SMA, although the advance lacks momentum. In the 4 hours chart, the technical readings also favor a bullish continuation, as the technical indicators head higher above their mid-lines while the price extends above its 20 SMA, all of which supports a test of the 1.1000 level.
Support levels: 1.0910 1.0880 1.0835
Resistance levels: 1.0950 1.1000 1.1040
GBP/USD Current price: 1.5086
View Live Chart for the GPB/USD
The GBP/USD pair approaches the 1.5100 level this Wednesday, helped by oil's price recovery, as the commodity has ended its latest bleeding and trades near $ 38.00 a barrel. The UK will release its trade balance data this Thursday, whilst the BOE will have its monthly economic meeting, anticipating some nice action for the Pound. In the meantime, the pair presents a short term bullish tone, as in the 1 hour chart, the price is above a bullish 20 SMA, while the technical indicators head higher, despite the RSI indicator is in overbought territory. In the 4 hours chart, the price has advanced above its 20 SMA, but the technical indicators have lost their upward strength around their mid-lines. Some additional gains beyond 1.5100 could see the pair extending up to 1.5160, where a daily descendant trend line coming from November high, converges with the 200 EMA.
Support levels: 1.5050 1.5010 1.4980
Resistance levels: 1.5100 1.5160 1.5200
USD/JPY Current price: 122.42
View Live Chart for the USD/JPY
Risking a bearish breakout. The USD/JPY pair accelerates its decline and trades dangerously close to the base of its range at 122.20. The Japanese currency has recovered its shine ever since the day started, as positive news from China helped improve confidence in the region. Also, the dollar is weaker amid a soft recovery in commodities, something that can be understood as corrective and therefore short lived. Nevertheless, the 1 hour chart shows that the price is well below the 100 and 200 SMAs, both converging around 123.00, whilst the technical indicators head lower in oversold territory. In the 4 hours chart, the technical indicators present a strong bearish momentum well into negative territory, risking a bearish breakout, should stops below 122.20 get triggered.
Support levels: 122.20 121.80 121.40
Resistance levels: 122.60 123.00 123.40
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of US jobs report
EUR/USD stays in a consolidation phase above 1.0700 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.