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​​​​AUD/USD, EUR/GBP and GBP/USD rally post Powell remarks​​

​​​AUD/USD, EUR/GBP and GBP/USD as greenback depreciates following remarks by Fed Chair Jerome Powell on the inappropriateness of lowering rates before "greater confidence that inflation is moving sustainably down to 2%".

AUD Source: Bloomberg
City Motion Forex United States dollar GBP/USD EUR/GBP AUD/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​AUD/USD rallies strongly

​AUD/USD rallies from this week's low at $0.6481, made marginally above its $0.6478 March low, and is about to test its December-to-April downtrend line at $0.6594. If overcome, the $0.6624 to $0.6635 region will be next in line.

​​Support is seen along the 55- and 200-day simple moving averages (SMA) at $0.6546 to $0.6544.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

​EUR/GBP grinds higher

​EUR/GBP is gradually advancing from last week's £0.8531 low and still targets the 200-day SMA at £0.8605.

​​A fall through the £0.8531 low would have bearish implications, though, and put the £0.8499 February low back on the cards.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

​GBP/USD bounces off support

​GBP/USD nears the 55-day SMA at $1.2671, having levelled out slightly above key support which lies between the December-to-February lows at $1.2519 to $1.25.

Above the 55-day SMA at $1.2671 sits the 22 February high at $1.271.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. 72% of retail client accounts lose money when trading CFDs, with this investment provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money.

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