EUR/USD, GBP/USD and AUD/USD all rising

A weaker dollar following last night’s FOMC meeting has resulted in gains for EUR/USD, GBP/USD and AUD/USD.

EUR/USD continues to gain

EUR/USD has continued to rally over the past 24 hours, heading back towards $1.089, last seen on Tuesday.

The continued bullish short-term outlook will being $1.097 into view if the price clears $1.09, which acted as resistance in the middle of the month. A reversal below $1.082 would provide a more bearish development. Today’s European Central Bank (ECB) meeting is expected to provide significant volatility, which may provide a possible test of the rising trendline.

GBP/USD remains in rising trend

A steady rising trend is in place for GBP/USD too, although gains over the past day have stalled at $1.248.

In addition, the $1.25 area may provide some resistance. Weakness yesterday found support at $1.24, so a change of trend will need a break below this level. Beyond $1.25, the $1.265 area comes into play.

AUD/USD pushes higher

In common with the equity market, the AUD/USD currency pair continues to see a move higher.

The trend has been a gentle one, with little in the way of retracements over the past 48 hours. The next target is $0.667, the high from early March, with the 200-day simple moving average (SMA) at $0.669 just beyond this.

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