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AUD/USD slips as RBA keeps rates on hold while GBP/USD struggles and USD/JPY resumes its ascent

AUD/USD slips as RBA keeps rates on hold while GBP/USD struggles and USD/JPY resumes its ascent despite probable currency intervention.

USD Source: Getty Images
Forex Japanese yen USD JPY GBP USD AUD USD Australian dollar

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Publication date

AUD/USD capped by resistance

AUD/USD has been trying to overcome the $0.6644 to $0.6667 resistance area for the past three days but to no avail. A minor retracement towards the late April high at $0.6586 thus looks probable.

While last week's low at $0.6466 underpins, however, the medium-term uptrend remains intact. A rise above $0.6667 would engage the $0.685 region.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

GBP/USD treads water

GBP/USD retains its bullish bias but is struggling to advance. The cross remains short-term bullish while it stays above Wednesday's $1.2466 low on a daily chart closing basis.

While $1.2466 underpins, the March-to-April tentative downtrend line at $1.2619 will remain in focus, as well as last week's high at $1.2635.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

USD/JPY advances once more

Last week USD/JPY found support along the 55-day simple moving average (SMA) at ¥151.88 and has since resumed its advance towards the ¥160.00 mark.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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