EUR/USD Current price: 1.1262
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Following a recovery from a fresh 11-year low at 1.1097 posted early Asian session, the EUR/USD pair advances to fresh daily highs in the 1.1270 price zone. The lack of relevant data, stocks momentum, and market speculation the SNB continues to intervene the currency markets to keep franc down despite lifting the cap, is giving the common currency a breather this Monday. The pair continues to trade in wide intraday ranges, having so far moved around 180 pips. Technically, the short term picture favors the upside, with the 1 hour chart showing indicators aiming higher above their midlines, and price approaching 1.1285 area, the immediate static resistance. In the 4 hours chart indicators lost upward strength after recovering from extreme oversold levels, whilst 20 SMA maintains a strong bearish slope limiting the upside around 1.1325 in case of further advances.
Support levels: 1.1245 1.1200 1.1150
Resistance levels: 1.1290 1.1325 1.1360
GBP/USD Current price: 1.5023
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The GBP/USD pair consolidates above the 1.5000 figure, having set a daily high of 1.5043 earlier on the day. With no local data to drive the currencies, the pair trades in a quite tight range, lacking intraday strength according to the 1 hour chart, as per indicator aiming barely higher around their midlines. In the same time frame, the price stands above a flat 20 SMA, offering dynamic support around the 1.5000 figure. In the 4 hours chart however, the technical picture is clearly bearish, with the price holding below a bearish 20 SMA and indicators heading lower below their midlines.
Support levels: 1.5000 1.4950 1.4910
Resistance levels: 1.5035 1.5080 1.5125
USD/JPY Current price: 118.34
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The USD/JPY found again buyers around the 117.30 level, and trades near its daily high of 118.47, confined to its last week range. Short term, the technical picture favors the upside, as per indicators heading strongly up above their midlines, and the price developing above moving averages, with the 100 SMA offering intraday support at 118.10. In the 4 hours chart however, the technical picture remains neutral, with indicators hovering around their midlines. The pair needs to extend either above 118.80 or break below 117.00 to gain some directional strength.
Support levels: 118.00 117.60 117.30
Resistance levels: 118.80 119.20 119.55
AUD/USD Current price: 0.7918
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Australian dollar recovered ground against the greenback, but the pair remains subdued, trading right above the 0.7900 mark. The 1 hour chart shows that indicators aim higher above their midlines, while 20 SMA stands flat around the figure, offering short term support. In the 4 hours chart the corrective movement has lost momentum according to indicators that turn now lower, while 20 SMA maintains a strong bearish slope well above current levels, still favoring the downside, regardless of intraday upward corrections.
Support levels: 0.7900 0.7860 0.7830
Resistance levels: 0.7925 0.7960 0.8000
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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