EUR/USD and AUD/USD still rallying, as GBP/USD looks to rebound
There is no stopping the euro and Australian dollar in their rallies against the US dollar, but for sterling the picture is more mixed.
EUR/USD rally enters another day
Eurozone assets remain in high demand, as seen by the gains in the region’s indices and in EUR/USD.
As we have seen with the DAX, the pair has continued to rally, and while it has dropped back overnight it is already in the process of trying to rally. Bullish crossovers in hourly stochastics and moving average convergence/divergence (MACD) may point to a possible entry point if a higher low is created. Even a deeper retracement from current levels is likely to find support closer towards the rising 200-hour simple moving aervage (SMA) at $1.1331.
GBP/USD attempts to rally
After a retreat from $1.265, the GBP/USD price appears to be fighting to stabilise around $1.254.
Further gains would make for $1.265 once more, the key resistance over the past week. A turn lower would revive a move towards $1.25 and potentially lower, reinforcing a more bearish view.
AUD/USD keeps on climbing
After finding support earlier in the week at $0.6920, the AUD/USD price has resumed its march higher.
Yesterday’s gains took it through resistance around $0.70, and while there has been a pullback from there, it looks to be in the process of establishing a higher low, which would be confirmed by bullish crossovers on the hourly stochastics and MACD.
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