AUD/USD, EUR/USD see strong rallies while USD/JPY falls out of bed
Outlook on AUD/USD, EUR/USD see strong rallies while USD/JPY falls out of bed ahead of US Non-Farm Payrolls.
EUR/USD trades in near two-month highs
EUR/USD's rise above its $1.0932 late-January high confirms a medium-term bottoming formation and puts the minor psychological $1.10 mark on the map.
This bullish view will remain in play while the late-February high and 55-day simple moving average (SMA) at $1.0888 to $1.0874 underpin.
AUD/USD confirms bottoming formation
AUD/USD's rise and daily chart close above the 22 February high at $0.6595 confirms a medium-term bottoming formation with the mid-January high at $0.6729 representing the next upside target.
Minor support below the 55-day SMA at $0.6603 sits at the 22 February $0.6595 high.
USD/JPY is falling out of bed
USD/JPY has clearly topped out and is fast approaching the 55-day SMA at ¥147.37 where it may find short-term support. Further down beckon the ¥146.15 to ¥145.90 200-day SMA and early-February low.
Minor resistance can now be spotted at the ¥148.80 mid-January high.
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