EUR/USD, EUR/GBP rally while AUD/USD slips ahead of US payrolls
EUR/USD advances, EUR/GBP rally stalls at resistance while AUD/USD digs into support ahead of US payrolls.
EUR/USD above 200-day SMA
EUR/USD's recovery its $1.0778-62 support zone has taken the cross above its 200-day simple moving average (SMA) at $1.0869 which may now act as minor support. Above Thursday's high at $1.0888 lies the 10 October low at $1.09 which may act as minor resistance. Further up lies the July peak at $1.0948 which represents the next upside target.
Last Friday's $1.0839 high should now act as minor support ahead of the main $1.0778-to-$1.0761 support area.
EUR/GBP hits resistance
EUR/GBP rallied from its £0.8318-to-£0.8296 support area to the early October high at £0.8434 as expected. Together with the £0.8463 September high it creates resistance which is expected to at least short-term cap. Were a rise above the September high to unfold, the 200-day SMA at £0.8485 would be next in line.
Potential slips may encounter minor support along the 55-day SMA.
AUD/USD weighs on support
Even though AUD/USD briefly fell through its $0.6580-58 support zone to $0.6537 on Wednesday, it looks as if the cross may still level out in this region. Therefore, provided that $0.6537 underpins, a rise back towards the 200-day SMA at $0.6627 may be at hand.
Were a slip through Wednesday's low at $0.6537 to ensue, however, the 25 July low at $0.6515 and also the 31 July trough at $0.648 as well as the 78.6% Fibonacci retracement at $0.6477 would be put on the cards. Minor resistance above Wednesday's $0.6596 high remains to be seen along the 200-day SMA and the September low at $0.6623-to-$0.6627.
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