GBP/USD breaking through support
It's a similar story for GBP/USD, which is breaking lower in a continuation of the weakness we have seen since the Thursday rally.
The fact that price is breaking through $1.5078 support provides clues that further downside could be yet to come and a close below $1.5078 would be a bearish indicator.
Thus unless price closes back above $1.5115, a bearish view holds, for a continuation of this recent downside.
Support levels of note are at $1.5053 and $1.5027, while resistance levels are at $1.5078, $1.5107 and $1.5115.
USD/JPY continues to rally
USD/JPY is seeing yet another surge higher this morning, in a continuation of the uptrend seen since the pair bounced at the ¥122.30 support level.
On the whole, we have seen USD/JPY top out between ¥123.60 and ¥123.72 in the past month. With this in mind, it seems likely that this pair will continue to trend higher, at least until we reach the ¥123.60-¥123.72 resistance zone.
This bullish view remains unless prices closes back below ¥123.24.
AUD/USD selling off from resistance
AUD/USD has been selling off heavily since hitting the $0.7382 resistance level on Thursday.
This represents the October peak and while price did briefly move above that level to create a new three-month high, the formation on a large daily spinning top pointed towards the potential for a period of downside.
Price has just broken through the 50-hour simple moving average and is trending lower. However, despite this clear weakness, price will need to move below the $0.728 to truly provide a bearish outlook.
Despite that, the bears seem to be in control for the time being, where $0.7297 and $0.7280 will be crucial to understanding if this is the beginning of something bigger. Resistance levels to watch are at $0.7320, $0.7338 and $0.7343.