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

Cable remains stuck in its current downtrend, although it has yet to make fresh lows, while USD/JPY looks to be moving higher. 

EUR/USD
Source: Bloomberg

GBP/USD lacking leg lower
We’re seeing $1.45 continue to act as support here, as it has done for the previous two sessions. For the moment, we are lacking a new lower low that would indicate that the current downtrend is still in place.

A break below $1.45 heads towards $1.4460, and then $1.44 itself. If the price can move above yesterday’s highs around $1.46 then further bullish momentum will take us on towards $1.4650 and then $1.4688.

EUR/USD looks to move back up
Yesterday’s drop back found support around $1.0850, so as long as this holds we continue to look for a move back towards $1.0950. A move above here heads towards $1.10, and then on towards $1.1043. If $1.0850 is broken then we look towards $1.08 and then $1.0723.

AUD/USD gains reversed
The overnight move has reversed the gains of yesterday, but the lows around $0.6935 are still in place, so while this holds a base still looks to be forming.

If indices recover, then AUD/USD could too, and we would look towards yesterday’s highs around $0.7030, and then towards $0.7138. A drop below the Monday lows would head towards $0.6833.

USD/JPY seeks to continue gains
Today, ¥117 continues to be support, and a close above ¥118 would certainly signal that more gains are on their way. In this case the area around ¥118.60 is the first target, and then ¥119.20. A break below ¥117 would head towards ¥116. 

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