EUR/USD and GBP/USD moves higher stall, as AUD/USD drifts sideways
The bounces in EUR/USD and GBP/USD have stalled, while AUD/USD is still unable to establish a definitive direction.
EUR/USD runs into resistance
It has been a seesaw few days for EUR/USD, although concrete movement has been limited. An attempt to push on towards $1.21 hit selling pressure, while Wednesday’s dip towards $1.20 brought out the buyers.
The strong move higher on Monday revived the bullish view, putting $1.217 into view, with no sign as yet of any reversal in upward momentum that would indicate any move back towards $1.17.
GBP/USD in tight range
After edging back from $1.40, the GBP/USD price has steadied, and as with EUR/USD dip buyers came in to support the price yesterday.
A breakout above $1.40 would be a bullish development, clearing the resistance area in place since mid-March. Alternatively, a reversal targets $1.366 again, where the price bounced in March and April.
AUD/USD continues to drift
AUD/USD has traded sideways for most of the year so far, holding $0.75 but unable to break above $0.78, save for a brief rally in late February.
Tuesday’s bounce hit resistance at $0.78 and the price then stabilised above the 50-day SMA ($0.7722), but further upward momentum has stalled for now. Sellers have been equally frustrated as the price has held $0.77, so for the moment we await a break out of this short-term range.
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