EUR/USD Current price: 1.0613
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A holiday in the US keeps major´s pairs confined to tight intraday ranges this Monday, moreover as first-tier data will be released later this week, including latest FOMC Minutes and European PMIs. The EUR/USD pair trades uneventfully between 1.0600 and 1.0630, with the only piece of data released this Monday in Europe being January German's producer price index , up for the month by 0.7%, above an expected 0.2%, while compared to a year earlier, prices at factory levels rose by 2.4%, above previous 1.0% and market's forecast of 1.9%. Still pending of release is the EU February preliminary consumer confidence, expected to fall further in the month.
Technically, the pair stands at the lower end of its daily range, not far from Friday's low at 1.0602, the immediate support. In the 1 hour chart, the 20 and 100 SMAs converge a few pips above the current level, lacking directional strength, whilst technical indicators stand below their mid-lines, also without a defined momentum. In the 4 hours chart, the risk is towards the downside, as the price is below a modestly bearish 20 SMA, whilst technical indicators head lower within neutral territory, amid the absence of trading volumes.
Support levels: 1.0600 1.0565 1.0520
Resistance levels: 1.0635 1.0660 1.705
GBP/USD Current price: 1.2467
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The GBP/USD pair jumped to a daily high of 1.2482 early Europe, with little behind the movement, but failure to break below the 1.2400 level last week boosting bulls' confidence. There were some minor macroeconomic releases in the UK, with rising house prices in January according to the Rightmove index, and the CBI orders survey showing that industrial orders for February rose to a two-year high, with the index up to 8 from previous 5 and the expected 3. The pair retreated from the mentioned high but met buying interest around 1.2450, its daily low, and retains a short-term bullish tone according to the 1 hour chart, as the 20 SMA advances a few pips above 1.2430, a Fibonacci support, whilst technical indicators have turned modestly higher within positive territory, after correcting overbought conditions. In the 4 hours chart, the neutral tone seen on previous updates persists, with the pair stuck around a flat 20 SMA and technical indicators heading nowhere around their mid-lines.
Support levels: 1.2430 1.2380 1.2345
Resistance levels: 1.2485 1.2530 1.2570
USD/JPY Current price: 113.11
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Holding around 113.00, upside limited. The USD/JPY pair recovered some ground at the begining of the week, establishing a few pips above the 113.00 but confined to a tight intraday range. Despite the positive tone of Asian and European equities, the pair refuses to move, as political uncertainty supports demand for the safe-haven yen. Technically, the upward potential is well limited, as in the 1 hour chart, the price is developing below the 100 and 200 SMAs, with the largest providing an immediate resistance at 113.40,whilst technical indicators consolidate within positive territory. In the 4 hours chart, advances are being contained by the 100 SMA, whilst technical indicators have recovered from oversold readings, but remain well below their mid-lines.
Support levels: 112.90 112.50 111.95
Resistance levels: 113.40 113.80 114.25
AUD/USD Current price: 0.7669
View Live Chart for the AUD/USD
The AUD/USD pair posted a modest advance at the beginning of the day, reaching a daily high of 0.7689 before retreating, still marginally higher on the day, despite the absence of volumes across the board. The positive tone around equities and rising commodities support the antipodean currency. Short term, the pair is neutral, with technical indicators turning modestly higher around their mid-lines and the price around its 20 SMA. In the 4 hours chart, however, the risk is towards the downside, as a directionless 20 SMA caps the upside, whilst technical indicators head modestly lower within negative territory.
Support levels: 0.7650 0.7605 0.7575
Resistance levels: 0.7695 0.7735 0.7770
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