EUR/USD: bulls making a strong point today

EUR/USD Current price: 1.3863

View Live Chart for the EUR/USD

Data coming from all fronts keeps EUR/USD traders entertained this Wednesday: early Europe, EU CPI printed 0.7% yearly basis, up from previous 0.5% but below the 0.8% expected, triggering a kneejerk down to 1.3769, where the daily ascendant trend line coming from 1.2755 contained the downside. The strong buying interest set at the lows sent the pair back up while US really weak GDP number, did the rest: the pair stands a few pips below the weekly high and with a strong upward momentum according to the hourly chart that supports a continued advance for the upcoming hours. Nevertheless, market may remain cautious ahead of FED economic policy decision later today that anyway is expected to bring no news to the table. 

Support levels: 1.3840 1.3805 1.3770 

Resistance levels:  1.3890 1.3920 1.3965

GBP/USD Current price: 1.6858

View Live Chart for the GBP/USD

Pound trades at fresh multiyear highs against the greenback having so far reached 1.6865, a couple pips below critical resistance of 1.6870, November 2009 monthly high. The hourly chart shows indicators heading north above their midlines and price above a bullish 20 SMA, while the 4 hours chart shows indicators also heading higher above their midlines, with plenty room to advance. Price however, needs to break above mentioned resistance to trigger stops and therefore accelerate higher, eyeing 1.6920 in the short term in route to 1.7000.

Support levels: 1.6830 1.6800 1.6770 

Resistance levels: 1.6870 1.6915 1.6960

USD/JPY Current price: 102.27

View Live Chart for the USD/JPY

Japanese yen accelerated with the news, pushing USD/JPY to a fresh daily low of 102.23 and leaving the hourly chart with a clear bearish momentum early US session: price broke below its 100 and 200 SMAs, both however horizontal and quite close to each other, while indicators head strongly south below their midlines, supporting a retest of the 102.00 immediate support zone. In the 4 hours chart, technical readings turned south holding right above their midlines, supporting the shorter term bearish bias.

Support levels: 102.00 101.60 101.20

Resistance levels: 102.35 102.60 102.95 

AUD/USD Current price: 0.9270

View Live Chart for the AUD/USD

Aussie can’t find buyers, but with sellers still firm around 0.9300 price zone. The hourly chart shows price moving back and forth around its 20 SMA and a Fibonacci retracement, while indicators hold in neutral territory with a mild bullish slope. In the 4 hours chart technical stance is neutral to bearish, supporting the case of a continued fall for the pair, still looking for a test of 0.9170 as long as sellers surge on approaches to 0.9300.

Support levels: 0.9240 0.9210 0.9170

Resistance levels: 0.9275 0.9300 0.9340

EUR/USD: bulls making a strong point today