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EUR/USD, AUD/USD rallies take a hit as USD/JPY bounces off 7-month low

EUR/USD, AUD/USD rallies take a hit as USD/JPY bounces off 7-month low as US dollar recovers on US President Trump’s comments that he doesn’t plan to fire Fed Chair Jerome Powell.​

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Published on:
AUD/USD Source: Adobe images

​​​EUR/USD rally falters 

EUR/USD's advance to Monday's $1.1573, made close to the $1.1603 November 2020 low, has taken a hit with the cross dropping to $1.1308 before heading back up again. 

​Below $1.1308 lies minor support around the $1.1265 mid-April low.

EUR/USD chart Source: TradingView

​USD/JPY bounces off seven-month low 

USD/JPY rallied from Tuesday's ¥139.58 low to Wednesday's ¥143.22 intraday high before resuming its descent towards the September low at ¥139.58. 

Minor resistance above ¥143.22 can be seen at the 9 April low at ¥143.99.

USD/JPY chart Source: TradingView

​AUD/USD revisits key resistance 

AUD/USD once again tries to break through the February-to-early April highs at $0.6388-to-$0.6408, having briefly dipped to $0.6350 on Wednesday.  

The 200-day simple moving average (SMA) at $0.6464 thus remains in sight. 

Below $0.6350 meanders the 55-day SMA at $0.6292.

AUD/USD chart Source: TradingView

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