EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high
EUR/USD, AUD/USD resume their descents while USD/JPY hits 34-year high as the greenback appreciates across the board.
EUR/USD resumes its descent
EUR/USD is trading back below its 55-day simple moving averages (SMA) at $1.0846, following Tuesday's brief foray to $1.0864. Above it lies minor resistance at the early and late-February highs at $1.0888 to $1.0897.
Key short-term support sits between the late February and current March lows at $1.0802 to $1.0797, a fall through which would target the $1.0724 to $1.0695 region.
AUD/USD probes support
AUD/USD fell back to its February-to-March uptrend line, having been rejected by the 55-day SMA at $0.656 on Tuesday.
A fall through recent lows and last week's $0.6504 trough would put the February low at $0.6443 on the cards. This level will remain in focus as long as no bullish reversal takes the cross above last week's $0.6634 high.
USD/JPY hits 34-year high
USD/JPY made a new 34-year high at ¥151.97, a rise above which and the ¥152.00 mark would engage the ¥153.60 July 1987 peak.
Minor support sits in the ¥150.88-83 region.
While last Thursday's ¥150.27 low underpins, an upside bias will remain in play.
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