EUR/USD Current price: 1.3873
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The EUR/USD pressures the daily high of 1.3876 following the latest FED decision, in which the Central Bank trimmed another $10B of its facilities as largely expected. The day has been fulfilled with data that helped the bulls’ case in the pair, with EU inflation missing expectations but above previous month one, US GDP down to 0.1% and FED doing as expected: after a brief test of the long term ascendant trend line coming from 1.2755, the pair bounced strongly and maintains the bid tone ahead of Asian opening. News have take away some of the pressure weighting on ECB’s head to act as soon as next week, albeit risk of further stimulus needed in Europe persists, but chances of seeing some action next week had somehow diminished today.
The hourly chart shows indicators exhausted near overbought levels, which limits advances rather than signal a downward correction, while the 4 hours chart shows a mild positive tone coming from technical readings. Price needs to extend beyond 1.3890 now to continue advancing, thus cautious mood prevails and range will stand at least until Friday’s US NFP readings.
Support levels: 1.3840 1.3805 1.3770
Resistance levels: 1.3890 1.3920 1.3965
EUR/JPY Current price: 141.64
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Having advanced up to 142.12, the EUR/JPY faltered again around a key Fibonacci resistance, 61.8% retracement of the latest daily bearish run. The hourly chart shows price finding intraday support now around the convergence of 100 and 200 SMA in the 141.60 area, while indicators maintain a positive tone, heading higher above their midlines. In the 4 hours chart however, indicators gain bearish strength around their midlines, keeping the pressure to the downside in the short term.
Support levels: 141.60 141.30 140.90
Resistance levels: 142.20 142.50 143.00
GBP/USD Current price: 1.6884
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The GBP/USD tested 1.6900 with US negative numbers, pointing to close the day above 1.6870 November 2009 monthly high and immediate short term support. The hourly chart shows indicators heading higher after correcting earlier overbought readings with a strong upward momentum, while 20 SMA gains bullish slope below current price offering dynamic support around 1.6835. In the 4 hours chart indicators hold above their midlines, lacking strength at the time being. Nevertheless the upside continues to be favored, looking now for an advance up to the 1.7000 figure for the upcoming sessions.
Support levels: 1.670 1.6835 1.6800
Resistance levels: 1.6915 1.6960 1.7000
USD/JPY Current price: 102.14
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The USD/JPY gave up all of its recent gains, falling back towards the base of its recent range around the 102.00 figure, and maintaining the negative tone in the short term according to the hourly chart: price is now being capped by its 100 and 200 SMAs both in the 102.30/40 price zone, while momentum heads lower below its midline. In the 4 hours chart indicators present a nice bearish tone, albeit a break below 102.00 is required to confirm the downward continuation towards the 101.60 price zone.
Support levels: 102.00 101.60 101.20
Resistance levels: 102.35 102.60 102.95
AUD/USD Current price: 0.9290
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Aussie picked up, gaining ground against the greenback after the FED, flirting with the 0.9300 level ahead of Asian opening. The hourly chart shows price extending above its 20 SMA while indicators head slightly higher right around their midlines. In the 4 hours chart however the neutral technical stance prevails, with the pair needing to break above 0.9320 price zone to confirm further recoveries in the short term.
Support levels: 0.9240 0.9210 0.9170
Resistance levels: 0.9300 0.9340 0.9385
EUR/USD: Draghi gets some air
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