EUR/USD: ADP is not enough

EUR/USD Current price: 1.3780

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A better than expected US ADP reading is giving some support to the greenback against its European rivals, with the EUR/USD testing lows right below the 1.3780 level. The private survey came out at 191K, slightly below expected yet well above the previous month reading, anticipating a strong NFP report for next Friday. But the movement in the pair is shallow, as there are still no clues on what the ECB may do tomorrow, which will probably be the main market mover this week, whatever the Central Bank do.

Technically, the hourly chart presents a slightly negative tone, albeit the range prevails with no directional move expected for today. Testing 1.3780, next support comes at 1.3750 static area, while the upside will likely remain contained by 1.3810 price zone.

Support levels:  1.3780 1.3750 1.3710 

Resistance levels: 1.3815 1.3840 1.3875

GBP/USD Current price: 1.6642

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The GBP/USD also stands mute in recent range, hovering around the 1.6650 level, and with no clear definitions from a technical point of view, having traded in a 80 pips range since the week started. In higher time frames the pair also presents a neutral stance, yet the overall positive tone prevails, as the pair stands close to its year high, having recovered nicely from the 61.8% retracement of its latest daily upside run. Nevertheless, sustained gains above 1.6720 are now required to confirm a new leg higher, and seems pretty unlikely we are going to see such move today.

Support levels: 1.6600 1.6550 1.6510

Resistance levels: 1.6650 1.6690 1.6720

USD/JPY Current price: 103.62

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The USD/JPY eases some from a fresh 3 month high posted early Asia at 103.93, with the hourly chart showing indicators heading lower around their midlines and price hovering around key 103.60 Fibonacci level. In the 4 hours chart technical indicators also look a bit exhausted to the upside, correcting lower from overbought readings, suggesting current downside correction may extend in the short term. Immediate support comes at 103.30 area, followed later by 103.00, yet if US stocks grind higher, the pair will probably recover the lost ground, rather than extend the correction. 

Support levels: 103.30 103.10 102.60 

Resistance levels: 103.80 104.10 104.45

AUD/USD Current price: 0.9250

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Australian dollar posts some shy gains this Wednesday, having tested 0.9220 support area over Asian hours. However, the technical outlook in the short term is neutral, albeit the bounce from the mentioned level suggests buyers are still on alert. Nevertheless a clear acceleration above 0.9260 is required to confirm a new attempt to test 0.9300 price zone.

Support levels: 0.9210 0.9170 0.9135

Resistance levels: 0.9260 0.9300 0.9345 

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EUR/USD: ADP is not enough