EUR/USD Current Price: 1.1185
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The EUR/USD pair trades in quite a limited range this Wednesday, falling down to 1.1179, a fresh weekly low, and unable to recover above the 1.1200 level ever since the European opening. Local share markets have bounced after yesterday's decline, keeping the common currency under pressure. Ahead of the US opening and the release of New Home Sales data for February, the pair trades near the mentioned daily low, with a bearish bias in the short term, as in the 1 hour chart, the price is currently developing below all of its moving averages, with the 200 SMA capping the upside around 1.1195. In the same chart, the technical indicators present mild-bearish slopes within negative territory, but lack momentum at the time being. In the 4 hours chart, the price stands mid-way inside a daily descendant channel, while the technical indicators hold well below their mid-lines, but with no clear directional strength. The main support now is 1.1160, a strong static level that if broken, could see the pair ending the day near the 1.1100 region.
Support levels: 1.1160 1.1120 1.1085
Resistance levels: 1.1210 1.1245 1.1290
GBP/USD Current price: 1.4178
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The GBP/USD pair trades continues heading south this Wednesday, having so far posted a shallow bounce from 1.4154, the fresh weekly low set during after London's opening. There were no macroeconomic releases in the UK, and the US will only release some housing data and last week EIA crude oil stockpiles, this last, probably affecting the most this particular pair. Anyway, the downward potential is strong, in spite the lack of directional strength coming from intraday technical readings. The 1 hour chart shows that the price is now being capped by selling interest aligned around a bearish 20 SMA, while the technical indicators lack directional strength below their mid-lines. In the 4 hours chart, the technical indicators are bouncing from oversold levels, but with the price near is lows and having breached several key supports, now resistances, the risk remains towards the downside as long as the price remains below 1.4220.
Support levels: 1.4155 1.4120 1.4075
Resistance levels: 1.4220 1.4260 1.4300
USD/JPY Current price: 112.72
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Persistent buying interest. The USD/JPY extends its advance for fourth day in-a-row, boosted by BOJ policy makers, who down-talked the economic situation during the past Asian session. Despite reaffirming Japan's economy remains on track for recovery, officers are concerned that said sluggish emerging market demand and volatile financial markets may hurt exports and capital expenditure. The pair advanced up to 112.75, and remains nearby ahead of the US opening, supported also by the positive mood among stocks' traders. From a technical point of view, there's scope for further advances, as in the 1 hour chart, the price is above its 100 and 200 SMAs, this last now an immediate support around 112.60, while the technical indicators maintain their bullish slopes within bullish territory. In the 4 hours chart, the price is nearing its moving averages, with the 100 SMA in the 113.00 region, while the technical indicators are partially losing their upward strength, but remain well above their mid-lines, limiting chances of a downward move.
Support levels: 112.60 112.20 111.70
Resistance levels: 112.95 113.30 113.75
AUD/USD Current price: 0.7578
View Live Chart for the AUD/USD
The Australian dollar trades heavily this Wednesday, weighed by a sharp decline in commodities. Crude oil is slightly down after late Tuesday, the US API report showed a sharp increase in local stockpiles. Gold, however, is sharply lower, with spot approaching a critical support around $1,225.00 a troy ounce. The AUD/USD pair pressure its daily lows in the 0.7570 region, and seems poised to extend its decline, given that in the 1 hour chart, the price is below a bearish 20 SMA, while the technical indicators have accelerated their declines within negative territory. In the 4 hours chart, technical readings are also biased lower, supporting some additional declines on a break below 0.7550, the immediate support.
Support levels: 0.7550 0.7510 0.7470
Resistance levels: 0.7605 0.7640 0.7685
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