Small gains for AUD/USD and EUR/JPY but EUR/GBP probes trendline support
AUD/USD is attempting to edge higher after its recent losses, while the euro is rallying against the yen but falling against sterling.
AUD/USD edges off lows
AUD/USD has pushed slightly higher in early trading but remains in a firmly bearish move.
It is currently fighting to hold above the May lows, with further losses below this likely to open the way to the $0.636 level, and then on down to the lows at $0.627.
After the size of the move from the July highs, the price may now see some short-term consolidation, though it will need a move back above $0.655 to suggest that a low is in place for the time being.
EUR/JPY pushes higher
After a wobble earlier in the week the price of EUR/JPY has made headway again.
After breaching the June and July highs, the price is now clear to make further gains towards ¥168.95, the highest level since 2008. Overall bulls appear to be firmly in control, with the 50-day SMA providing some short-term support, as we saw in July.
A short-term pullback would target the 50-day simple moving average (SMA), or down to the ¥154.00 level.
EUR/GBP testing trendline support
The EUR/GBP's price has fallen this morning and is breaking below trendline support from the July low.
This could mark a fresh bearish turn, and open the way to £0.855 and down to the July lows at £0.85, giving fresh strength to the bearish view for the pair, which had seemed to come under pressure following the pair’s rebound from the July lows.
A recovery back above £0.86 might suggest that trendline support remains in place and that a move towards £0.87 could now be contemplated.
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