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EUR/USD, AUD/USD and GBP/USD slip on appreciating greenback​​​

​​Outlook on EUR/USD, AUD/USD and GBP/USD as the U.S. dollar appreciates ahead of Thursday’s Jackson Hole symposium.

EUR/USD Source: Bloomberg

​​​EUR/USD continues its descent

EUR/USD’s decline from its $1.1275 July peak is taking it towards the 200-day simple moving average (SMA) at $1.0801 as the greenback continues to appreciate. Around it the cross may well stabilize.

​The retreat in the US 10-year Treasury yield from its 16-year high at 4.366% doesn’t seem to affect the US dollar’s advance but perhaps Eurozone manufacturing and services flash purchasing managers index (PMI) readings for August may do so later today.

​Immediate resistance can be seen at last week’s low at $1.0845 with the next higher possible minor resistance levels sitting at the early-August low at $1.0912 and Tuesday’s peak at $1.093.

​Below the 200-day SMA potential support can be found along the March-to-August tentative support line at $1.0765.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

​AUD/USD’s recovery from its near ten-month low is running out of puff

AUD/USD's bounce off its near ten-month low at $0.6365 has been lacklustre and has so far only taken the cross to Tuesday’s $0.6457 high.

​Wednesday morning’s manufacturing and services flash PMI data for August, both of which came in lower than in July, put a dampener on proceedings with the currency pair slipping once more.

​Support below Tuesday’s low at $0.6404 sits at last week’s $0.6365 low. If slipped through, the mid-October high at $0.6348 would be next in line, followed by the November low at $0.6273.

​Minor resistance above Tuesday’s high and the May low at $0.6457 to $0.6459 is seen at the late May low at $0.649.

AUD/USD chart Source: IT-Finance.com
AUD/USD chart Source: IT-Finance.com

​GBP/USD loses upside momentum

GBP/USD gradual advance from its current August low at $1.2617 seems to have run out of steam at Tuesday’s $1.28 peak amid the publication of UK manufacturing and services flash PMIs for August.

​Friday’s low at $1.269 may thus be revisited, a drop through which would most likely put the early- and mid-August lows at $1.2621 to $1.2617 back on the map.

​Resistance is to be seen between the 55-day SMA at $1.2777 and the July-to-August downtrend line at $1.2787.

​While the cross remains below Tuesday’s high at $1.2800, medium-term downside pressure retains the upper hand.

GBP/USD chart Source: IT-Finance.com
GBP/USD chart Source: IT-Finance.com

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