EUR/USD holds firm, while AUD/USD tiptoes higher and GBP/USD remains near the lows
The euro is edging up against the dollar, as is the Aussie, but GBP/USD is stuck fast near recent lows.
EUR/USD trades sideways
Hopes of a recovery are bolstered by EUR/USD price holding $1.125.
However, it will need to break trendline resistance from the late October high, which points towards a rally above $1.132. Bears will continue to look for any short-term strength as a selling opportunity, while a break towards $1.12 and below revives the downtrend.
GBP/USD stuck at the lows
Little has changed here, and GBP/USD price continues to hover around $1.32.
Until the Federal Reserve (Fed) and Bank of England (BoE) meetings are out of the way, the outlook for this pair is clouded, but an overdue rebound towards $1.35 cannot be discounted.
AUD/USD edges up after losses
Bulls have managed to stabilise AUD/USD after the losses of Monday, holding support at $0.709.
If sellers can push the price back below this level a move down to the early December low will be back in prospect. Alternately, bulls will want to see a recovery above $0.718 to put the pair back on an upward footing, within the context of a much broader downtrend.
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