EUR/USD and GBP/USD drop back as AUD/USD holds steady

Some of the gains of the past few days in EUR/USD and GBP/USD have been given back, while AUD/USD refuses to budge.

EUR/USD struggles below $1.225

Gains have stalled below $1.225 for EUR/USD, so while the price has been able to hold around $1.22 in recent sessions, it now needs to find some upward momentum to avoid a developing negative view.

However, given the size of the bounce from early April, it is possible that this is a consolidation period before a new leg higher. A move above $1.225 could signal when this resolves into a new leg higher.

GBP/USD edges back to trendline support

GBP/USD finds itself at trendline support from mid-May, having fallen back from the new three-year high hit yesterday. Below $1.414, the $1.40 area comes into play, while a renewed bounce targets $1.424 and higher.

AUD/USD stuck in narrow range

AUD/USD has remained frustratingly range-bound in recent sessions, held above $0.77 but unable to move on above $0.775. A continued defence of $0.77 does suggest that the next move will be higher, but there is little sign of this at present.

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