EUR/USD Current price: 1.2893


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Another day, another chapter in the Cyprus saga: policy makers are running against the clock to find ways to raise €5.8 billion since the country’s parliament threw the levy to bank deposit earlier this week. Without the money, Cyprus can’t access the rescue offered by the EU, exposing the country biggest banks to bankruptcy. Latest news shown that S&P agency downgraded the country to CCC, default level, while Cypriot parliament will debate an emergency legislation on Friday at  8:00 GMT. In the meantime, the EUR/USD managed to hold in range, stuck in the 1.2980/1.2950 area for most of the day. Technical readings in the hourly chart show bears remain in control, as price remains capped by its 20 SMA while indicators stand in negative territory. In the 4 hours chart indicators are getting deeper in negative territory, which also favors a downside continuation. However, market will likely remain on hold waiting more next chapter on Cyprus.




Support levels: 1.2880 1.2840 1.2790



Resistance levels: 1.2950 1.2970 1.3000



EUR/JPY Current price: 122.50


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A stronger yen lead the EUR/JPY to lose almost 1.5% this Thursday, triggered by a general disappointment over Kuroda’s words early on the day, and USD yields’ slide.  The pair enters Asian session with the hourly chart showing indicators in extreme oversold levels, and price below 100 and 200 SMA’s. The distance in between moving averages keeps widening, which support the bearish bias for the upcoming sessions, while the pair has set a daily low of 122.02 immediate support. With a light calendar in current session, market will likely follow local share markets that will replicate their overseas counterparts, all closed in red.



Support levels: 122.00 121.60 121.10



Resistance levels: 123.00 123.60 124.00



GBP/USD Current price: 1.5168


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Barely unchanged from New York opening, the GBP/USD reached 1.5208 before retracing, finding support in the 1.5120 area 20 SMA in the hourly chart. Technical readings however are easing towards their midlines, as the pair trades around the top of its latest range. The 4 hours chart presents a positive tone, although with no momentum: price needs now to accelerate and establish above 1.5220 to be able to continue advancing.



Support levels: 1.5115 1.5070 1.5040



Resistance levels: 1.5180 1.5220 1.5260



USD/JPY Current price: 95.06


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The USD/JPY printed a daily low of 94.54, having been able to regain some ground although far from the daily high of 96.10. Renewed failure to establish above 96.00 suggest the long term bullish run is due for a stronger correction, that will likely be triggered with a break of  94.20 strong support area, 38.2% of last years’ fall. Latest bounce from mentioned low however, shows buyers are still around, at least in the short term, towards the 96.00 price zone.



Support levels: 94.80 94.20 93.70



Resistance levels: 95.40 95.75 96.10



AUD/USD: Current price: 1.0427


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Aussie soared against the greenback, reaching 1.0457 fresh 6-weeks high. Correcting extreme overbought conditions, the hourly chart shows 20 SMA heading north below current price, offering dynamic support around 1.0410 area, where buying interest is expect to resume. The 4 hours chart shows  a slightly positive tone, with price above 20 a flat 20 SMA and indicators in  positive territory, although turning flat. Overall, the pair is biased higher, with scope to reach 1.0500; above this last, there’s little in the middle for the next 100 pips.



Support levels: 1.0410 1.0360 1.0330 



Resistance levels:  1.0440 1.0490 1.0530



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