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EUR/USD and AUD/USD rally but GBP/USD lags

A weaker US dollar continues to give space for the euro and the Aussie to rally, although caution is being seen in sterling crosses.

EUR/USD remains above 200-day SMA

The EUR/USD pair continues to hold on to the highs seen yesterday, as it pushes on above the 200-day simple moving average (SMA) at $1.1353.

Having moved strongly higher over the past week, some consolidation seems likely, but the next move is to $1.145 and then $1.152. A bearish view requires a move back below $1.13.

GBP/USD wavers at recent highs

There has been some notable volatility here for GBP/USD so far this morning, with an attempted push above $1.276 being defeated for the time being.

Near-term areas of possible support are $1.271 and $1.266, but the bearish view would require a move back below $1.264.

AUD/USD continues to climb

This AUD/USD pair has seen a steady rally over the past few days.

Further gains above $0.697 will target $0.702. A deeper pullback heads towards $0.69, where the price bounced on 21 June. A failure to hold this level would bolster the bearish view. Some resistance may be encountered at the 50-day SMA ($0.697).

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