EUR/USD Aiming 1.2400 ahead of FOMC's Minutes

The EUR/USD pair continues to march higher today and almost reached the 1.2400 hurdle ahead of the release of US inflation figures, which as expected came out with Core CPI at 2.1% in March, up from 1.8% in February. 

Technically speaking the short term outlook remain neutral to bullish. On the four hour time frame the price is developing well above its moving averages. Currently the bullish 20-day SMA is crossing to above the flat 100-day and 200-day SMAs , which are providing support around around 1.2320 area. RSI and stochastic are showing overbought market but both had eased and seems that are looking for direction.

First target for the bulls comes with the 1.2400 level and next is 1.2320. On case of conquering doors are opened for testing 1.2475 area. On the flip side below the pair is supported by the above mentioned SMAs.

Next on the agenda is the release of the latest FOMC Minutes with expectation of no significant surprises, but it’ll be interesting to observe how the pair will react.

AUD/USD Neutral to bullish ahead of US macro data

During the early European session the AUD/USD pair retreated from the two and a half month high to test the 0.78 level. The corrective slide coundn’t last long and currently the pair is trading at 0.7837 with Australian dollar backed up by the confidence in the rising equities and the positive mood of commodities,with gold and silver aiming back to their recent tops.
Technically speaking the short term outlook for the pair remains neutral to bullish. On the four hour time frame the price is moving above all its moving averages, keeping course towards north. Stochastic has retreated from its mid-line and is showing strong bullish momentum. RSI is located within extreme overbought area, but is starting to lose directional strength.
Yesterday’s high at 0.7845 comes as first resistance and is case of successful taking, next target for the bulls is seen at 0.7890-0.7900. On the flip side we must be watchful around the psychological 0.7800 handle.
The upcoming US session is offering the ISM Manufacturing PMI figures for December and the most wanted FOMC minutes, having both macro events decisive for the AUD/USD pair.  

EUR/USD higher

Since the beginning of the week the EUR/USD has been sliding to downwards and in the early European session today hit a six week low at 1.0495. Finally we witnessed some revival right after the FOMC minutes release. As it was expected the US central bank voted to keep rates unchanged, although many FED officials see a rate hike „fairly soon” if the economy remains on track.

Following the FOMC minutes release the EUR/USD pair surged towards previous highs and the current market price is 1.0572. 

The four-hour chart is showing that the price is now flirting with 23.6 % Fibonacci retracement of latest decline and where now the bearish 20-day SMA is located. RSI and Stochastic have recovered from oversold region and have turned to north, but yet are below the mid-lines. The psychological mark at 1.0600 remains key resistance and in case bulls succeed to advance though it, next target is seen at 1.0620 (38.2% Fibonacci retracement of same decline). Looking to downwards first support is placed at 1.0520 (February 15th low) and lower at 1.0495 (the daily low).