EUR/USD Current Price: 1.1157
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The dollar remained strong across the board during the first half of the day, although light volumes ahead of the Easter Holiday are quite notorious. The EUR/USD pair traded as low as 1.1143 and held nearby ahead of the release of US data, with US weekly unemployment claims coming in better-than-expected, at 265K for the week ending March 18th, but Durable Goods Orders for February with a slight disappointment, as the core reading fell more than expected, down by 1.0% while the headline reading fell 2.8% against a 2.9% decline forecasted. The greenback spiked lower after the news, but the reaction has been limited so far. The EUR/USD pair continues trading near its daily lows, and the 1 hour chart shows that selling interest has been surging on rallies towards a bearish 20 SMA, now around 1.1180. In the same chart, the technical indicators are posting tepid bounces within bearish territory, but lack strength. In the 4 hours chart, a bearish tone prevails, given that the price remains within the limits of the bearish channel and below a strongly bearish 20 SMA, whilst the technical indicators have barely bounced from near oversold territory, and remain far from suggesting additional gains.
Support levels: 1.1120 1.1085 1.1040
Resistance levels: 1.1080 1.1210 1.1245
GBP/USD Current price: 1.4124
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The GBP/USD pair bounced from a fresh weekly low of 1.4056, following better-than-expected retail sales figures, although sales declines in February by 0.4%, compared to a month before. Year-on-year, however, the trend remains strong, up 3.8%. The recovery extended up to 1.4146 ahead of the release of US data, which triggered a limited advance in the pair that was quickly erased. Overall, the risk remains towards the downside, albeit the decline seems overstretched and further upward corrective moves can't be disregarded. Technically, the 1 hour chart shows that the price recovered from around the 23.6% retracement of this year's decline, while the technical indicators are now aiming to advance above their mid-lines, as the price holds above a flat 20 SMA. In the 4 hours chart, the technical indicators have recovered partially from oversold levels, but remain well below their mid-lines and with shy upward slopes as the 20 SMA heads sharply lower around 1.4220, all of which should keep the upside limited.
Support levels: 1.4100 1.4050 1.4010
Resistance levels: 1.4160 1.4190 1.4225
USD/JPY Current price: 112.48
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Fading the rally from 113.00. The rally in the USD/JPY pair lost steam after London's opening, as local share markets opened sharply lower. The pair traded as high as 112.94 during the Asian session, in a lackluster fashion given the absence of macroeconomic data. US initial jobless claims came in better-than-expected, although Durable Goods Orders were far from signaling steady growth, declining in February 2.8% barely above the 2.9% decline expected. The pair accelerated its decline with the news, but seems the movement is being driven by falling equities rather than by US data. Technically, the 1 hour chart shows that the price is testing its 200 SMA, while the technical indicators have turned sharply lower and are currently crossing their mid-lines towards the downside, suggesting the decline may now extend. In the 4 hours chart, the price flirted with the 100 SMA around the mentioned rally before traders decide to fade the rally, indicating bears are still seeking for better opportunities.
Support levels: 112.10 111.70 111.30
Resistance levels: 112.95 113.30 113.75
AUD/USD Current price: 0.7538
View Live Chart for the AUD/USD
The AUD/USD pair remained under pressure early Thursday, weighed by the negative tone in commodities' prices. Gold extended its decline down to $ 1,212.46 a troy ounce, a fresh 3-week low. As for the pair, its currently recovering ahead of the US opening from a daily low of 0.7476, although further gains are not yet confirmed, given that the price is currently struggling to advance above its 20 SMA, while the technical indicators head higher, but below their mid-lines. In the 4 hours chart, the 20 SMA has turned lower well above the current level, while the technical indicators have bounced from oversold readings, but still lack strength enough to confirm a continued advance.
Support levels: 0.7470 0.7440 0.7400
Resistance levels: 0.7550 0.7605 0.7640
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