The EUR/USD has traded like a rollercoaster again this Thursday, on more comes and goes in the euro zone. Rumors that G. Papandreou was resigning in Greece were finally dismissed and followed by the announce of the suspension of the referendum. In the meantime, Mario Draghi, the new ECB president cut rates by 0.25% in an action that markets understood as positive against current debt crisis. Not many have pay attention to the crude forecast of mild recession for the area by year end. The EUR/USD hourly chart shows price has been contained again by the 1.3830 Fibonacci area despite reaching a high near 1.3854, with indicators bullish yet losing momentum. Bigger time frames show also a bullish tone yet the pair may likely trade in range ahead of US Payrolls. Above mentioned high however, a test of 1.3900 seems possible for current Asian session.
Support levels: 1.3765 1.3720 1.3680
Resistance levels: 1.3830 1.3855 1.3900
The GBP/USD finally managed to settle above 1.6000 late American session, after also a wild choppy trading day. Hourly chart however, shows indicators losing momentum and heading lower still above their midlines, while 20 SMA gains bullish slope. 4 hours chart shows current candle opened above a flat 20 SMA while indicators have no current strength. The pair needs to clearly recover above 1.6085 to ease the bearish pressure seen over the last few days, and attempt further gains towards the 1.6200 area.
Support levels: 1.6010 1.5965 1.5930
Resistance levels: 1.6040 1.6080 1.6130
Market players ignored the pair again, that continues indifferent to trouble around the world and traded in its usual 20 pips daily range. Hourly momentum is flat around 100, 20 SMA is also flat lacking direction. The pair still holds above the 100 DMA currently around 77.80 and immediate support, while 200 DMA is located far above current price around 79.85. Seems quite unlikely the pair will be able to reach such level easily in the short term that will signal if broken, a bullish continuation run over the midterm.
Support levels: 77.80 77.50 77.20
Resistance levels: 78.35 78.60 79.00
Aussie has also been favored by decreasing risk aversion, posting a strong recovery against the greenback from a 1.0200 daily low. Entering Asian session with a nice bullish tone both in 1 and 4 hours chart as indicators head north above their midlines while price develops above 20 SMA, the pair may continue gaining if local share markets follow their overseas counterparts. Above 1.0450 the rally may extend near 1.0500 quite fast despite recent rate cut in Australia.
Support levels: 1.0360 1.0320 1.0270
Resistance levels: 1.0410 1.0450 1.0500
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