EUR/USD Current price: 1.0962
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The short term picture is strongly bearish, as in the 1 hour chart, the technical indicators head lower well below their mid-lines, whilst the price extended further below its moving averages, in line with a continued decline. In the 4 hours chart, the price has extended well below its 20 SMA that anyway lacks directional strength, whilst the technical indicators head sharply lower, pointing for a test of the 1.0900/20 price zone during the upcoming hours.
Support levels: 1.0960 1.0920 1.0880
Resistance levels: 1.1000 1.1045 1.1085
GBP/USD Current price: 1.5370
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The GBP/USD pair accelerated its decline after breaking below the 1.5400 level, and despite the UK data released this Tuesday showed that the UK economy continues growing at a solid pace. According to the latest release, the UK Construction PMI reached 58.8 in October, as expected. Dollar's demand however, is sending the pair to fresh weekly lows, and the technical readings anticipate further declines, given that in the 1 hour chart, the price was rejected from a bearish 20 SMA, whilst the technical indicators head sharply lower, and are currently approaching oversold levels. In the 4 hours chart, the price has extended below its 20 SMA whilst the technical indicators are about to cross their mid-lines towards the downside with sharp bearish slopes. In this last chart, the 200 EMA stands at 1.5360, usually a strong dynamic support. Nevertheless, a break below it should see the decline extending towards 1.5300 during the upcoming hours, particularly if the US upcoming data results better-than-expected.
Support levels: 1.5360 1.5330 1.5385
Resistance levels: 1.5415 1.5460 1.5500
USD/JPY Current price: 120.98
View Live Chart for the USD/JPY
Approaching a critical resistance. The USD/JPY pair is approaching the 121.00 figure ahead of the US opening, with investors all of a sudden buying the greenback, with no clear catalyst behind the move, but dollar's strength. The pair may advance beyond the mentioned level, up to a critical resistance area around 121.45, the 200 DMA and the line in the sand for investors, as the pair has met selling interest on approaches to that level ever since late August. Short term, the price is extending above its 100 and 200 SMAs, whilst the RSI indicator heads higher near overbought levels and the Momentum indicator is barely bouncing from its 100 line. In the 4 hours chart, the technical stance seems more constructive towards the upside, as the Momentum indicator accelerated its advance above its 100 line, while the RSI hovers around 57.
Support levels: 120.35 120.00 119.70
Resistance levels: 121.00 121.45 121.80
AUD/USD Current price: 0.7166
View Live Chart for the AUD/USD
The AUD/USD pair retreats from a daily high of 0.7218, reached during the Asian session, after the RBA maintain its economic policy unchanged. The Central Bank said that that economic conditions had “firmed a little” in the past few months," boosting the local currency. Nevertheless, the pair has shed already half of its intraday gains amid dollar's strength, and the 1 hour chart shows that the price is struggling around a bullish 20 SMA, whilst the technical indicators have turned south, and are about to cross towards negative territory. In the 4 hours chart, however, the downside seems limited, given that the technical indicators have lost their downward strength well above their mid-lines, after correcting overbought conditions reached earlier in the day.
Support levels: 0.7150 0.7100 0.7065
Resistance levels: 0.7195 0.7240 0.7290
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