EUR/USD and GBP/USD look to break recent highs, while AUD/USD weakens slightly after RBA pause
The euro and sterling are eyeing up breakouts against the dollar, while the Aussie is holding on to most of its gains after the RBA opted to pause its rate hike efforts.
EUR/USD back at $1.09
A recovery from the lows of Monday, with EUR/USD puts the price back on an upward footing.
The $1.10 level remains the next major level to watch, and then above this the next longer-term goal would be $1.116, last seen in March last year. Having once again found support around $1.054 the price has rebounded, putting buyers back in control.
Sellers will need to see a move below $1.052 to suggest a near-term bearish outlook.
GBP/USD targets gains above $1.24
GBP/USD is once again making a bid to move above the December and February highs, with a successful move reinforcing the bullish outlook.
After a solid recovery back above the 200-day simple moving average (SMA), the price has rebounded to the key $1.24 resistance area. Further gains would then target $1.265.
A move back below $1.18 would be needed to put the pair back in a bearish mode.
AUD/USD holds gains after RBA pauses
After a mixed performance over the past month, with AUD/USD the price has finally rallied, joining the risk-on move across other markets, and has not been deterred by the Reserve Bank of Australia (RBA’s) pause on rates.
The recovery above the 200-day SMA now puts the price on course to test the 100-day and 50-day SMAs, and if these can be breached then the bullish outlook will receive further strength. This would then open the way to the $0.69 and $0.70 levels, both of which have been important areas of resistance.
Sellers will need to push the price back below $0.665 to revive the bearish outlook.
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