EUR/USD Current price: 1.3331
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As usual lately, the American afternoon lacks entertainment for forex traders, with majors stuck in tight ranges after all the action takes place in Europe. But for the EUR/USD was not the best day ever: the pair edged strongly down and established a 4-day low at 1.3304, entering Asian hours biased lower. In the short term, the hourly chart shows an increasing bearish tone with 20 SMA gaining bearish slope well above current price and indicators steady in negative territory, while the 4 hours chart indicators are biased lower as price develops below a flat 20 SMA. However, buyers are still waiting on dips towards 1.3290 and a clear break below is required to confirm further slides into Thursday.
Support levels: 1.32900 1.3240 1.3200
Resistance levels: 1.3360 1.3410 1.3450
EUR/JPY Current price: 130.25
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Yen crosses bounced slightly higher following past Asian session Nikkei gains, but not enough to change the bearish tone of the past few days. EUR/JPY hourly chart shows indicators slightly bullish above their midlines, while price stands well below its moving averages and ranges, suggesting not much upward strength at the time being. In the 4 hours chart the technical stance is negative but neutral, showing not much selling interest either. Renewed selling pressure below 129.80 however, will likely signal fresh lows ahead while 130.60 stands as the key short term resistance.
Support levels: 129.80 129.35 128.80
Resistance levels: 130.60 131.00 131.55
GBP/USD Current price: 1.5521
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The GBP/USD posted a daily low of 1.5426 before bouncing back near 100 pips that anyway were not enough to push price to green. With another day of losses, the pair maintains the bearish outlook despite latest bounce, with the hourly chart showing price around 20 SMA and indicators heading slightly lower in negative territory. In the 4 hours chart, 200 EMA offered strong dynamic support a few pips above mentioned low, although 20 SMA continues to cap the upside, currently around 1.5550. At this point, a break below the 200 EMA is required to confirm another leg south, with the bearish trend holding strong as long as price remains capped below mentioned 1.5550.
Support levels: 1.5480 1.5440 1.5400
Resistance levels: 1.5550 1.5595 1.5630
USD/JPY Current price: 97.70
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The USD/JPY enters Asian hours with a slightly positive tone according to the hourly chart, as indicators advance in positive territory and price holds near the daily high. Still the movement seems short lived, as per ruling risk aversion and price developing below moving averages. 4 hours chart shows indicators correcting oversold readings, while daily chart maintains a limited bearish tone, all of which continues to support the downside. Further technical confirmation in the short term will come with a price acceleration below 97.50 immediate support.
Support levels: 97.50 97.20 96.90
Resistance levels: 97.90 98.20 98.45
AUD/USD Current price: 0.8940
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Australian dollar also saw some relief after trading as low as 0.8890 on Wednesday, but maintaining the overall bearish trend against the dollar. The hourly chart shows price above a bearish 20 SMA and indicators heading slightly higher around their midlines, which suggest some probable upward correction, moreover if local share markets also see some gains. In the 4 hours chart however, price is well below its 20 SMA, currently around 0.8980 while indicators aim higher still in negative territory. Upward corrections up to that level are possible, yet further gains seem quite unlikely for the pair.
Support levels: 0.8910 0.8885 0.8840
Resistance levels: 0.8935 0.8980 0.9020
EUR/USD: Shallow bounce from 1.3304
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