EUR/USD Current Price: 1.1337
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The EUR/USD pair kept rallying at the beginning of the day, as broad dollar's weakness triggered by a dovish Yellen, prevailed during Asian and European trading hours. The pair set a high of 1.1337, retreating partially ahead of the US ADP survey, which came in slightly better-than-expected, showing that the private sector added 200K new jobs in March. The pair however, held to its latest gains and near the mentioned daily high, meeting buying interest on retracements towards the 1.1300 figure. The 1 hour chart shows that the Momentum indicator diverges lower, but remains within positive territory, while the RSI indicator holds in overbought levels. In the same chart, the price is well above a bullish 20 SMA, also around the 1.1300 region, providing a strong support in the case of a retracement, quite unlikely given price developments. In the 4 hours chart, the technical indicators maintain their bullish slopes, in spite being in overbought territory, favoring some further advances towards this year high, at 1.1375.
Support levels: 1.1245 1.1190 1.1145
Resistance levels: 1.1340 1.1375 1.1420
GBP/USD Current price: 1.4427
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The GBP/USD pair extended its advance up to 1.4450 so far this Wednesday, falling early London to 1.4377, where buyers pushed the pair back above the 1.4400 level. There was no certain catalyst this week for the Pound's bullish run, but indeed a corrective movement was needed as Brexit fears have been way overstretched. Technically, the 1 hour chart shows that buyers have been surging on approaches to a bullish 20 SMA, but that the technical indicators are heading lower above their mid-lines, limiting chances of a stronger advance. In the 4 hours chart, the technical indicators have lost upward strength, but remain within overbought territory, as the 20 SMA heads sharply higher well below the current level, supporting some consolidation ahead.
Support levels: 1.4485 1.4335 1.4290
Resistance levels: 1.4460 1.4515 1.4560
USD/JPY Current price: 112.55
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Tepid bounce, bearish tone persists. The USD/JPY pair bounces from a low set at 112.07, underpinned by a better-than-expected US ADP employment survey. The dollar however, is seeing little demand across the board, which means this recovery may be short lived. Still in the red daily basis, the 1 hour chart shows that the technical indicators have erased all of the extreme readings, and that they keep heading higher within negative territory, as the price advances beyond its 200 SMA. The 100 SMA, stands around 113.10, and is the level to beat to see a more constructive scenario. In the 4 hours chart, the technical indicators have turned higher, but remain near oversold levels, while the price is still far from its 100 and 200 SMAs, all of which maintains the risk towards the downside. Anyway, and given the strong advance in worldwide stocks, the downward potential seems limited, and a break below 111.90 is required to confirm additional declines, towards the 111.00 region.
Support levels: 112.40 111.90 111.50
Resistance levels: 113.10 113.35 113.70
AUD/USD Current price: 0.7680
View Live Chart for the AUD/USD
The AUD/USD pair established a fresh multi-month high at 0.7698 during the Asian session, retreating afterwards to 0.7652, the European session low. The Aussie is having a hard time to break above that 0.77 against the greenback, but the bullish trend will likely persists, due to the strong tone of stocks and commodities. Technically and in the short term, the 1 hour chart shows that the technical indicators are resuming their advances within positive territory, while the price remains far above its moving averages. In the 4 hours chart, the technical indicators are partially losing their upward strength within overbought territory, but are far from signaling a downward movement. Should the price break above the 0.7700, the rally will likely accelerate, and send the price closer to the 0.7800 region.
Support levels: 0.7610 0.7570 0.7525
Resistance levels: 0.7710 0.7765 0.7800
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