EUR/USD, EUR/GBP and AUD/USD rallies pause ahead of US CPI
EUR/USD, EUR/GBP and AUD/USD rallies pause ahead of US CPI and FOMC minutes which should add more colour to Fed rate cut expectations.
EUR/USD awaits key US data
EUR/USD awaits key US data and is expected to trade in low volatility beforehand. Resistance sits in $1.0885 to $1.0897 region, a rise above which would eye the $1.0942 late March high.
Potential slips should find support along the 200- and 55-day simple moving averages (SMA) at $1.0832-31.
EUR/GBP rejected by downtrend line
EUR/GBP has been trying to break through its December-to-April downtrend line over the past three days but in the end was rejected by it.
Immediate downside pressure is now at hand and could lead to the 55-day SMA at £0.8548 being revisited. Only a slip through the £0.8531 low would have bearish implications and put the £0.8499 February low back on the cards.
Above Friday's £0.8586 high meanders the 200-day SMA at £0.8605.
AUD/USD rally loses steam
AUD/USD rallied to $06644 on Tuesday, a near one-month high, before levelling out. Further up lies the March peak at $0.6667.
Support below Thursday's high at $0.6619 is seen along the breached downtrend line at $0.6579 and further down along the 55- and 200-day SMA at $0.6548 to $0.6543.
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