AUD/USD, EUR/USD and GBP/USD sell off ahead of FOMC
Pared back US rate cut expectations to December have pushed yields and the US dollar higher with AUD/USD, EUR/USD and GBP/USD bearing the brunt.
AUD/USD topped out
AUD/USD's swift decline has bearish connotations with the February low at $0.6443 representing the first downside target.
Resistance is seen between the 200-day simple moving average (SMA) at $0.6521 and the 55-day SMA at $0.6530.
GBP/USD keels over
GBP/USD is in the process of keeling over. A fall through the Friday's low at $1.2449 would probably engage the mid-April low at $1.2406.
This toppish view will remain in play while no bullish reversal takes the currency pair above Monday's high at $1.2570.
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