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EUR/GBP, EUR/JPY give back recent gains while AUD/USD nears key resistance​

​​​EUR/GBP, EUR/JPY give back recent gains while AUD/USD nears key resistance​ as FX market volatility drops.​

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:
Forex Source: Adobe images

​​​EUR/GBP comes off 16-month highs 

EUR/GBP seems to have at least short-term faltered around the December 2023 peak at £0.8714 and now comes off last week's £0.8738 high towards the 10 April £0.8520 low.

​Minor resistance can now be spotted in the £0.8624-to-£0.8644 region, the April-to-August 2024 highs. Further minor resistance sits at Wednesday's £0.8662 high.

EUR/GBP chart Source: TradingView

​EUR/JPY snaps back

​EUR/JPY continues to trade above the 200-day simple moving average (SMA) at ¥161.82 whilst remaining below the December-to-April major resistance area at ¥164.08-to-¥164.90. This resistance zone is expected to cap in the first instance. 

​Below the 200-day simple moving average (SMA) at ¥161.82 minor support may be seen between the ¥160.74 21 March low and the 55-day SMA at ¥160.03.

EUR/JPY chart Source: TradingView

​AUD/USD rallies further still

​AUD/USD's recovery from its five-year low at $0.5915 has taken it above the 55-day SMA at $0.6275, now minor support, with the February-to-early April highs at $0.6388-to-$0.6408 remaining in sight. There the advance may well pause, though. 

​Potential slips below the 55-day SMA at $0.6275 may find support around the $0.6188 early March low or the $0.6132 January trough.

AUD/USD chart Source: TradingView

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