FX levels to watch: EUR/USD, GBP/USD and AUD/USD
EUR/USD is trying again to break its downward channel, while AUD/USD is unmoved after RBA minutes were published.
EUR/USD challenging descending channel again
Yesterday saw EUR/USD try to break out of its descending channel, but it was unable to hold its gains. The bulls are trying again today, but we will have to wait for the close to see if they are successful.
Continued failure to break higher would suggest a renewed move lower is at hand. A breakout would target $1.14 and then $1.15.
GBP/USD in narrow range
GBP/USD remains in a tight range, from $1.32 up to $1.335.
We wait for a break of this range to indicate whether a deeper retracement towards $1.305 or a rally to $1.34 and higher is in the offing.
AUD/USD holds steady after cautious RBA minutes
AUD/USD was hardly inspired by the Reserve Bank of Australia (RBA) meeting minutes, failing to make any upward progress after retreating from the highs seen yesterday.
It remains in a bullish wedge formation, with shallow lower lows. A turn lower would head below $0.70, while a break higher above $0.713 is needed to suggest a bullish move is underway.
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