EUR/USD Current price: 1.1162
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The dollar found some limited demand in quite thin trading, higher against most of its rivals in the European morning with London off on holidays. Earlier in the day, European PMIs come out mixed, with German and EU ones beating expectations, but showing an increased slowdown in France, Spain and Greece. Ahead of the US opening, the EUR/USD trades near a daily low set at 1.1122, and the 1 hour chart shows that the price stands below its 20 SMA but bouncing from a bullish 100 SMA, the immediate support around 1.1120. In the same chart, the technical indicators are aiming north well below their mid-lines, and far from suggesting additional gains at the time being. In the 4 hours chart, the pair broke below its 20 SMA, currently around 1.1200, whilst the Momentum indicator heads lower below 100 and the RSI turns flat around 54. The immediate support stands at 1.1120, and the downward risk will remain limited as long as above it, albeit a recovery above 1.1200 is required to see bulls retaking the lead.
Support levels: 1.1120 1.1085 1.1050
Resistance levels: 1.1160 1.1200 1.1245
GBP/USD Current price: 1.5128
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The GBP/USD pair bounces from 1.5093, its daily low accumulating around 500 pips of steady decline ever since flirting with the 1.5500 level last Thursday. The technical picture continues to favor the downside, despite in the 1 hour chart, the RSI aims higher from oversold territory, as the price stands below its 20 SMA whilst the Momentum indicator heads lower 100. In the 4 hours chart the 20 SMA turned sharply lower well above the current level, whilst the technical indicators are fading its latest upward corrective movement near oversold territory.
Support levels: 1.5060 1.5020 14980
Resistance levels: 1.5130 1.5170 1.5210
USD/JPY Current price: 120.13
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The USD/JPY pair retraces from the highs in the 120.30 price zone, consolidating its recent gains. Having set a daily low at 119.99, the 1 hour chart shows that the technical indicators are turning lower around their mid-lines, whilst the price stands well above its 100 and 200 SMAs, both converging in the 119.40 region. In the 4 hours chart the technical indicators are retracing from overbought territory, but far from suggesting a bearish move, whilst the price holds well above its moving averages, which lack clear directional strength at the time being. The pair needs to break above 120.45 to gain upward momentum, whilst a break below 120.00 should favor additional declines towards the 119.40/60 price zone.
Support levels: 120.00 119.65 119.30
Resistance levels: 120.45 120.85 122.10
AUD/USD Current price: 0.7804
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The AUD/USD pair trades lower in range, consolidating around the 0.7800 figure. The RBA will have its monthly economic policy meeting, and market expects a rate cut coming from Governor Stevens. Technically, the 1 hour chart shows that the technical indicators are aiming higher around their mid-lines, whilst the price stands a few pips above a flat 20 SMA. In the 4 hours chart a mild positive tone comes from the technical indicators that aim higher below their mid-lines, albeit the price stands well below a bearish 20 SMA, currently around the 0.7900 figure.
Support levels: 0.7800 0.7770 70.7730
Resistance levels: 0.7860 0.7900 0.7940
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EUR/USD refocuses its attention to 1.1200 and above
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Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
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The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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