EUR/USD, GBP/USD and AUD/USD drop on US dollar safe haven flows
EUR/USD, GBP/USD and AUD/USD slip as the US dollar appreciates due to flight to safety inflows amid escalation in the Middle East.
EUR/USD drops
EUR/USD comes off its $1.1201-to-$1.1214 August and September highs on flight-to-quality flows into the US dollar due to heightened tensions in the Middle East.
Minor resistance can now be seen at the 23 September low at $1.1084. Minor support below Monday's $1.1046 low is found along the 55-day simple moving average (SMA) at $1.1025 and at the $1.1002 September trough.
GBP/USD comes off its high
GBP/USD tumbled from its $1.3434 September 2022 low to $1.3267 August high which acts as support. Further down lie the 23 September low and 6 September high at $1.3249-to-$1.3239.
AUD/USD only sees minor dip
AUD/USD has come close to the January 2022 low at $0.6968 by rising to $0.6942 in September before dipping in early October. The cross will remain within a short-term uptrend while the 26 September low at $0.6819 underpins.
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