EUR/USD: waiting for ECB?

EUR/USD Current price: 1.3793

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The EUR/USD has shown little progress this Wednesday, trading within the weekly range. Short term, the hourly chart shows a mild bearish tone, with price testing 1.3780 Fibonacci support ahead of US opening, while technical readings present a negative tone. In the 4 hours chart the technical outlook has turned neutral giving not much clues on upcoming direction. Buyers are still waiting around 1.3750 in case of further dips, with the pair mostly confined to range until next week ECB meeting. 

Support levels: 1.3780 1.3750 1.3710

Resistance levels: 1.3825 1.3875 1.3910 

GBP/USD Current price: 1.6545

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Pound advances to fresh weekly highs against the greenback, as US positive data boosted demand for high yielders. The hourly chart shows 20 SMA heading slightly higher, providing short term support now around 1.6530, while indicators stand in positive territory albeit lacking strength. In the 4 hours chart, technical readings also present a mildly bullish stance, with price nearing a daily descendant trend line coming from this month high of 1.6784 currently around 1.6570 and immediate resistance level to break to confirm more intraday gains. 

Support levels: 1.6520 1.6470 1.6425 

Resistance levels: 1.6570 1.6610 1.6655

USD/JPY Current price: 102.41

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Indeed, the USD/JPY continues to test trader’s patient, still trapped in a tight range, and unable to define a possible outcome afterwards. Short term mute, the daily chart shows price capped below 100 SMA currently around 102.50, also the 38.2% retracement of the latest bearish run. As long as below it, the downside is favored, with a break below 101.85 required to confirm the move.

Support levels: 102.10 101.85 101.30 

Resistance levels: 102.60 102.90 103.40

AUD/USD Current price: 0.9230

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Aussie extended its advance during Asian hours, following RBA’s governor Stevens lack of concern over the currency strength. The AUD/USD posted a fresh year high of 0.9243, and remains close to the level, with the hourly chart showing indicators still heading higher despite in overbought territory. In the 4 hours chart technical readings also present a strong upward momentum, favoring further gains ahead. The 0.9250/60 are has prove strong over the last few months, so and advance beyond it will likely anticipate more midterm gains in the pair.

Support levels: 0.9210 0.9170 0.9110 

Resistance levels: 0.9260 0.9300 0.9345

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EUR/USD: waiting for ECB?