EUR/USD: dollar turns south on Yellen

EUR/USD Current price: 1.3713

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The EUR/USD trades back above the 1.3700 figure, as dollar turned strongly south during the US session. Risk aversion was reverted by negative US data and Janet Yellen giving small hopes to the possibility of a pause in tapper. The EUR/USD hourly chart shows price halted a few pips above the 61.8% retracement of the latest bearish run, with price now above its 20 SMA and indicators losing upward potential yet holding in positive territory. Having posted a lower low daily basis however, keeps chances of further recoveries limited for now: steady gains above 1.3720 are required to confirm a leg higher, looking for a test of 1.3750/70 price zone. 4 hours chart shows the technical picture is still bearish, with a break below 1.3690 point for another run towards 1.3650 price zone.

Support levels: 1.3690 1.3650 1.3615 

Resistance levels: 1.3725 1.3770 1.3810

EUR/JPY Current price: 139.98

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The EUR/JPY fell all the way down to 138.78 on risk sentiment, albeit recovered strongly following US indexes, finding some sellers in the 140.00 price zone. The hourly chart shows price halting below moving averages with 100 and 200 SMAs converging around 140.40 also strong static resistance area, and indicators surging up to neutral territory from oversold levels. A recovery above that level should favor an approach to 141.00 price zone, but if price falls back below 139.60, the bearish momentum with likely extend towards mentioned lows.

Support levels: 139.60 139.20 138.70

Resistance levels: 140.00 140.40 140.85 

GBP/USD Current price: 1.6685

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Pound recovered some ground against the greenback, although remained contained as commented on previous update between Fibonacci levels: trading right below the 23.6% of its latest bullish run around 1.6690. The hourly chart shows price above its 20 SMA and indicators in positive territory showing limited strength at the time being, while the 4 hours chart maintains a neutral technical stance.  Considering price developments the upside is favored at least in the short term, towards 1.6745 static resistance.

Support levels:  1.6650 1.6610 1.6580 

Resistance levels: 1.6690 1.6745 1.6790 

USD/JPY Current price: 102.05

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Despite recovering above 102.00, the USD/JPY technical picture suggest risk remains to the downside in the short term: the hourly chart shows price developing below moving averages, faltering around 102.20, while indicators already corrected oversold levels and hold below their midlines. In the 4 hours chart indicators also stand below their midlines and price below moving averages, with only a clear recovery above 102.40 denying the possibility of more slides.

Support levels: 102.00 101.70 101.35 

Resistance levels: 102.40 102.80 103.20 

AUD/USD Current price: 0.8960

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The AUD/USD trades intraday unchanged after dipping to a fresh 3 week low of 0.8902. Saved by dollar turn, the hourly chart shows price above 20 SMA and indicators turning flat right above their midlines, while the 4 hours chart shows price remains well below 20 SMA and indicators in negative territory, suggesting current upward movement could well be just corrective: price needs to regain at least the 0.9000 figure to be able to recover past weeks bullish momentum, and the downside should remain contained by mentioned daily low. 

Support levels: 0.8940 0.8900 0.8870 

Resistance levels: 0.8990 0.9020 0.9060

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EUR/USD: dollar turns south on Yellen