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EUR/USD, GBP/USD and AUD/USD all aiming for further gains

Risk-on moves in FX have lifted EUR/USD, GBP/USD and AUD/USD.

EUR/USD looking to clear $1.22

EUR/USD is edging back to through the $1.22 zone for a second day, having reversed Friday’s losses yesterday.

This leaves it on course to challenge $1.235, the peak from the beginning of the year. Sellers are still waiting for an indication of a move lower, with a drop below $1.21 needed to open the way to more significant downside.

GBP/USD recovers from mixed Monday

After shaking off some weakness yesterday, GBP/USD moved higher again.

We now look for a move back towards $1.424 and the highs from late February. As with EUR/USD, there is little sign of a reversal, with even yesterday’s small drop being met with buying.

AUD/USD looking to break higher

AUD/USD continues to find buyers above $0.77, and this, coupled with the slow but steady upward move in place since the end of March, reinforces the bullish view.

We could also see a firm break higher today from short-term trendline resistance from the May peak, as the descending triangle resolves into a bullish move given the continued defense of $0.77 by the buyers.

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