EUR/USD: buyers still defending ground

EUR/USD Current price: 1.3762

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The EUR/USD remains under pressure after the release of US final GDP reading at 2.6%, above previously estimated, but below expectations. Unemployment claims fell down to 311K weekly basis adding to a dollar bullish case, yet the market remained indifferent to the news. The EUR/USD hourly chart shows price hovering around 1.3750 after posting a daily low of 1.3740, with technical readings heading lower in negative territory, and favoring the downside. In the 4 hours chart the technical picture is also bearish, albeit buyers continue to defend recent lows: expect a retest of 1.3780 resistance, while if above this last range will likely continue into next week.

Support levels: 1.3750 1.3710 1.3670

Resistance levels: 1.3780 1.3825 1.3875

GBP/USD Current price: 1.6622

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The GBP/USD maintains the early strength won with better than expected UK Retail Sales, and trades firm above 1.6600, immediate Fibonacci support. The hourly chart shows indicators exhausted in overbought levels and turning lower, but unless price breaks below the mentioned figure, there’s little room for slides. In the 4 hours chart indicators present a strong upward tone favoring more gains for today: with a daily high around 1.6640 a break above this last should signal an approach to the 1.6700 price zone.

Support levels: 1.6600 1.6555 1.6510

Resistance levels: 1.6640 1.6690 1.6720

USD/JPY Current price: 102.28

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The USD/JPY managed to regain the ground lost, after reaching 101.71 in Asian session, but remains well contained below 102.60 price zone. The hourly chart shows indicators losing upward potential above their midlines, and price back below its 100 SMA, which maintains the risk to the downside. In the 4 hours chart technical readings maintain a quite neutral stance, as per recent range, with current candle showing a long upper shadow, another factor suggesting bears will lead the way.

Support levels: 102.10 101.85 101.30 

Resistance levels: 102.60 102.90 103.40

AUD/USD Current price: 0.9235

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Australian dollar holds pretty well, trading near its high and showing little aims to correct lower against the greenback. In fact the hourly chart shows that while price remained consolidative, indicators shrug off overbought readings and turn flat around their midlines. In the 4 hours chart the technical stance is still quite bullish, supporting a test of key 0.9260 resistance.

Support levels: 0.9210 0.9170 0.9110 

Resistance levels: 0.9260 0.9300 0.9345

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EUR/USD: buyers still defending ground