AUD/USD, GBP/USD rally while USD/JPY advance falters at resistance
AUD/USD, GBP/USD show positive divergence and may revert their trends to the upside as the US dollar slips after its US presidential election surge as USD/JPY advance falters at resistance.
AUD/USD rallies
AUD/USD is fast approaching Wednesday's high at $0.6644, a rise above which would confirm a bottoming formation with the 55-day simple moving average (SMA) at $0.6726 being eyed. Positive divergence also points towards a possible bullish trend reversal.
Minor support can be seen around the 61.8% Fibonacci retracement at $0.6576.
GBP/USD sees positive divergence
Following Wednesday's slide to $1.2835, GBP/USD is bouncing back and whilst doing so, displays triple positive divergence. This potentially points to a medium-term bullish trend reversal, provided that Wednesday's low underpins.
The first upside target is the 17 October low at $1.2974, ahead of the key $1.3000-to-$1.3048 resistance zone. This would need to be exceeded, for a bullish reversal to be confirmed.
USD/JPY hits resistance
USD/JPY has reached the ¥154.56 early June high as expected but seems to short-term falter below the ¥155.21 late July high.
Minor support below the ¥153.88 late October high and the 23 October high at ¥153.19 is seen along the 200-day SMA at ¥151.54.
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