Asian markets had another bumpy session and a similar session is ahead for European markets. This is despite the fact that we had a solid close on Wall Street. These markets are showing that they are running out of steam for any upward move if there is no stimulus announcement from central banks. Yes, just not one, but from most of central banks.
The AUD/USD pair is trading above its upward trend line on a 4 hour time frame. This confirms the direction of the trend which is skewed towards the upside. The price has also formed a symmetrical triangle pattern.
EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.1083 level and the resistance is 1.1487.
USD/JPY: The pair has broken its downward trend line on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
GBP/USD: The pair has pierced the Bollinger band on a 4 hour time frame. The next resistance is near 1.4726 and the support is 1.4147.