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EUR/GBP remains above support while USD/JPY stabilises and AUD/USD is capped
EUR/GBP remains above support while USD/JPY stabilises and AUD/USD is capped as the US dollar regains recently lost ground amid US Fed Chair Powell’s comments in which he was trying to calm the markets.
EUR/GBP remains above support
EUR/GBP's bounce off Tuesday's £0.8526 low, made close to the 10 April £0.8520 low, is still gunning for the December 2023 peak at £0.8714 and last week's £0.8738 high but may first consolidate around the Easter break.
Minor resistance in the £0.8624-to-£0.8644 area, where the April-to-August 2024 highs were made, may cap. Further minor resistance lies at Wednesday's £0.8662 high.
USD/JPY finds interim support
USD/JPY found interim support around Wednesday's ¥141.65 low, at ¥141.62, with the 9 April low at ¥143.99 representing minor resistance ahead of last week's ¥144.56 low.
Only a currently unexpected rise above Wednesday's ¥148.28 high would lead to the late March low at ¥148.70 ahead of the 12 March high at ¥149.20 being targeted.
Below ¥141.62 lies the ¥140.00 region which is still expected to eventually be reached.
AUD/USD capped by key resistance
Following six consecutive days of gains, AUD/USD's advance was halted by the February-to-early April highs at $0.6388-to-$0.6408 as anticipated. This resistance area is expected to remain a barrier to further upside until after the prolonged Easter weekend.
Potential slips should find support along the 55-day simple moving average (SMA) at $0.6280. Further down lies the $0.6188 early March low and the $0.6132 January trough.
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