The Australian dollar continues to enjoy a good bounce, while the greenback looks to stabilise against the Japanese yen after a steep drop yesterday.

Source: Bloomberg

GBP/USD climbing higher
The pair continues to push higher, although it has not been a straight-line rally. Nonetheless, if the price can push beyond $1.52 then the next target becomes $1.5246 and then $1.5312. Pullbacks will find support around $1.5125 and then $1.5058.

As long as the relative strength index and other momentum indicators continue to rise then it seems this pair is on course for further gains, albeit within the existing descending channel. 

EUR/USD pulls back
The pullback so far today does not yet endanger the current rally, although the price will need to push back above $1.10 to ensure the upward momentum is not lost.

Further upside targets lie around $1.1078 and then towards $1.1142, while a move downward takes the pair towards $1.0915 and then $1.0820. 

AUD/USD finally looking higher
Yesterday’s sharp reversal broke the run of losses from earlier in the week, and puts the pair back on an upward trajectory. Resistance around $0.7334 needs to be cleared, and once this is done the pair can look towards $0.74 and then the 200-day simple moving average (SMA) at $0.7450. 

USD/JPY finds some stability
For now the pair has stabilised after a sharp drop yesterday, holding above the 200-day SMA (¥121.60). While this holds we may see a base being built that will allow the pair to recover some losses.

The first area to watch would be the around ¥122.28, before moving on to ¥122.80. If the move lower resumes today, as seems possible, support at ¥120.83 comes into play, followed by ¥119.96. 

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