EUR/USD Current price: 1.3358


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Sitting back and reading the latest FOMC Minutes you may find a lot of “ifs” and “maybes”. But market attention centered on this particular paragraph: “almost all participants confirmed that they were broadly comfortable with the characterization of the contingent outlook for asset purchases that was presented in the June post meeting press conference and in the July monetary policy testimony. Under that outlook, if economic conditions improved broadly as expected, the Committee would moderate the pace of its securities purchases later this year.” All in one, market reading is Bernanke will likely start tapering as soon as September. 



Initial reaction saw dollar broadly higher across the board, particularly hitting commodity currencies, and with the EUR/USD reaching 1.3334. But after the dust settled, only commodity currencies ended up in red, mostly on self weakness. As for the EUR/USD hourly chart technical readings maintain a strong bearish tone after the news, with price below its 20 SMA now around 1.3400 and indicators approaching oversold territory. In the 4 hours chart technical readings also favor the downside, as long as price holds below 1.3380 area. A stronger slide in the pair however remains unclear, with recent daily lows around 1.3310 probably attracting buyers. 



Support levels:  1.3340 1.3310 1.3270



Resistance levels: 1.3380 1.3415 1.3450 



EUR/JPY Current price: 130.66


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Quite messy picture for the EUR/JPY that trades a few pips above the daily opening, and moved back and forth below the 131.00 level. The hourly chart shows price above 100 SMA but indicators pretty flat around their midlines, reflecting the lack of direction the pair has. In the 4 hours chart the technical picture is also neutral as the pair stands trapped in a 100 pip range. Risk however turned to the downside with local share markets as fresh lows, pointing for another negative day in Nikkei also.



Support levels: 129.90 129.50 128.80 


Resistance levels:  130.70 131.10 131.60



GBP/USD Current price: 1.5673


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The GBP/USD saw an initial spike to 1.5715, turning quickly lower and approaching a short term ascendant trend line, coming from 1.5575. The lack of follow through at current levels may be the first sign of a top underway, although there is not yet anything that confirms a stronger bearish movement. A break below the line however, currently around 1.5650, should point for a short term downward continuation towards the 1.5600 figure, followed later by 1.5540/60 price zone. In the 4 hours chart momentum presents some bearish divergences, while 20 SMA stands around mentioned 1.5650 area, confirming the need of a price acceleration below this last to anticipate more bearish runs. 



Support levels: 1.5650 1.5600 1.5570 



Resistance levels: 1.5705 1.5740 1.5790



USD/JPY Current price: 97.84


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Soaring yields after Minutes gave a hand to USD/JPY that surged back an approached 98.00, although again found sellers aligned around the level. The hourly chart shows price advancing above 100 and 200 SMAs, both converging now in the 97.40 price zone, while indicators still head south in positive territory, not reflecting latest dollar run. In the 4 hours chart technical readings maintain a quite neutral stance, giving not much clues on direction. Sellers are expected to appear in the 98.20 price zone if reached, and more await around 98.80 100 DMA. 



Support levels: 97.35 96.90 96.50 



Resistance levels: 97.85 98.20 98.60



AUD/USD Current price: 0.9002


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The AUD/USD challenged the 0.9000 level, reaching 0.8975 so far and maintaining the strong bearish tone seen on previous updates: the hourly chart shows price was unable to overcome a bearish 20 SMA, while indicators reached their midlines from oversold readings and turn now south. In the 4 hours chart indicators lose the bearish potential seen on previous updates, but the technical stance continues to favor the downside, with a congestion zone from early August around 0.8920 as next possible bearish target.



Support levels:  0.8990 0.8955 0.8920



Resistance levels: 0.9050 0.9080 0.9120















































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