AUD/USD, EUR/USD and GBP/USD remain bid post Fed 50 bps rate cut
AUD/USD, EUR/USD and GBP/USD remain bid post Fed 50 bps rate cut, provided the crosses stay above their Wednesday lows.
AUD/USD remains bullish
AUD/USD reached its July peak at $0.6798 but not yet its August high at $0.6824 which was nearly hit on Wednesday, though, and remains in sight. If overcome, the 2 January high at $0.6839 will be in focus, followed by the late December peak at $0.6871.
Immediate upside pressure should be maintained while Wednesday's low at $0.6738 underpins.
EUR/USD at a loss
EUR/USD didn't know which way to go following Wednesday's 50 basis points rate cut but once more has its 6 September high at $1.1155 in its sights with Wednesday's low at $1.1069 acting as minor support.
Further minor support comes in around the 3 September low at $1.1027. Above $1.1155 lie Wednesday's high at $1.1189 and the August peak at $1.1201.
GBP/USD resumes advance
GBP/USD briefly overshot its recent highs at $1.3239-to-$1.3267 with Wednesday's high at $1.3298 which then capped. These levels are now back in focus and will remain so while Tuesday's low at $1.3147 underpins on a daily chart closing basis.
Were a rise above $1.3298 to be seen, the $1.3358 January 2022 low would be next in line.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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