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EUR/USD held below resistance as GBP/USD and AUD/USD move up

The rally in GBP/USD shows no sign of slowing, while AUD/USD is also attempting to break higher.

EUR/USD stuck below $1.14

​The small rebound here continues with EUR/USD, although it has yet to break above the late December high.

This still looks more like a consolidation rather than a bigger move to the upside, so long as the $1.14 level remains unbroken. However, a bearish catalyst in price terms has yet to occur.

​GBP/USD counter-trend bounce still flying

The strong bounce of GBP/USD from the lows of December shows no sign of reversing, and for now, the price appears to remain firmly in a bullish view, at least in the short term.

The wider downtrend is still intact, but as yet a new lower high has yet to be created.

AUD/USD rally hits 50-day SMA

The price of AUD/USD has rallied throughout the week, after stabilising around $0.716.

Over the past week or more gains above the falling 50-day simple moving average (SMA) $0.721 have not been sustained, so a daily close above this will be an important development. Further gains would then target $0.727. It would take a reversal back below $0.716 would provide a more bearish view.

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