The EUR/USD spiked to a daily high of 1.2441 ahead of the US opening, holding inside yesterday’s range, and showing not enough strength to overcome key 1.2450 area. While the hourly chart shows indicators mostly flat in neutral territory, a slightly bullish tone persists as per a short term ascendant trend line capping the downside, currently around 1.2390. In bigger time frames, indicators hold in overbought levels with no signs of turning lower, suggesting a break above mentioned resistance should open doors for an acceleration towards 1.2500/20 area. Break below the trend line however, will likely see a retest of 200 EMA and yesterday’s low, both around 1.2340.
Support levels: 1.2400 1.2370 1.2340
Resistance levels: 1.2450 1.2490 1.2520
Pound surge across the board early Europe, amid better than expected manufacturing and industrial readings, with the GBP/USD breaking above the daily descendant trend line coming from past July high at 1.5766. The hourly chart shows price posting higher highs and higher lows, which suggest more gains ahead, while momentum heads north and RSI turns flat around 70. In the 4 hours chart the pair presents a strong bullish momentum supporting a retest of the 1.5730/70 price zone if market mood remains high.
Support levels: 1.5660 1.5620 1.5590
Resistance levels: 1.5700 1.5730 1.5770
USD/JPY rises amid speculation the BOJ may act over upcoming Asian session, with the pair trading at daily highs at the time of writing. The hourly chart shows a strong upward momentum, that will be tested once 78.80 static resistance level is reached; a clear break above, should point for an acceleration higher that may extend near 79.10/20 price zone. In the 4 hours chart indicators also turned higher, while price stands above 20 and 100 SMA’s supporting the shorter term view.
Support levels:78.30 78.10 77.90
Resistance levels: 78.80 79.15 79.40
Having reached 1.0602 following RBA’s decision to left rates on hold at 5.8%, the AUD/USD holds to its bullish tone according to technical readings: the hourly chart shows price above 20 SMA, while a short term ascendant trend line caps the downside in the short term around 1.0570. Indicators are lacking strength despite holding in positive territory, so a break of mentioned line may favor a downside corrective movement, yet dips are still seen as buying opportunities in the pair. In the 4 hours chart price holds in a consolidative range with indicators losing strength but standing in positive territory. A break above mentioned high should open doors for a run towards the mid 1.0600’ later on the day.
Support levels: 1.0570 1.0535 1.0500
Resistance levels: 1.0605 1.0640 1.0670
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