FX snapshot – GBP/USD, EUR/USD, AUD/USD, USD/JPY

FX markets are getting quieter as Christmas looms, but there is still plenty of strength in AUD at present. 

Euros
Source: Bloomberg

GBP/USD eyes $1.4970

The $1.4870 mark continues to act as the floor here, with sterling bears unable to get much traction in recent sessions.

If the price continues to hold above this level then we look to $1.4920 and then $1.4970 as potential upside targets for GBP/USD.

A downward move would head towards $1.4850 and then on to the bottom end of the channel, near $1.48 itself.

EUR/USD needs to break 200-hour SMA

Thursday and Friday saw buyers come in around $1.08, so while this holds it looks like more gains are on the way.

The 200-hour simple moving average at $1.0926 still needs to be broken, which would open the way to $1.0990 and then $1.1140.

If $1.08 is broken then we look to support around $1.0768 and then $1.0680 for EUR/USD.

AUD/USD RSI moving higher

Several days of gains have seen this pair initiate a new trend higher, with first resistance at $0.7254, and then on towards $0.7340.

With both the daily relative strength index and stochastics now moving higher as well it looks like buyers have the upper hand.

Support is possible around $0.7226, and then $0.7183.

USD/JPY could clear ¥121.50

The pair continues to be drawn back to ¥121, as bearish momentum continues. A drop through here heads towards support at ¥120.50 and then ¥120.19.

Any bounce would have to clear ¥121.50 and then ¥122.20. 

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