AUD/USD, EUR/USD and GBP/USD rally as disappointing US data leads to US dollar depreciation
AUD/USD, EUR/USD and GBP/USD rally as disappointing US data leads to lower US yields and greenback weakness across the board.
EUR/USD trades in 2-month highs
EUR/USD rise above its May peak at $1.0895 puts the 24 January high at $1.0932 and the 21 March high at $1.0942 on the map ahead of the March high at $1.0981.
Previous resistance, because of inverse polarity, becomes support at $1.0895 to $1.0885.
GBP/USD hits 2 1/2 month highs
GBP/USD rally off Thursday's $1.2681 low, made close to the 24 May low at $1.2676, has taken it to a 2 1/2 month high at $1.2818, close to the $1.2823 mid-March high. Further up beckons the March peak at $1.2894.
Potential slips may find support at the 22 May high at $1.2761.
AUD/USD breaks through resistance
AUD/USD recovery from Thursday's $0.6591 low has taken it to above the $0.6644 to $0.6667 resistance area to $0.6698 before giving back some of its gains and slipping back to the previous resistance zone, now because of inverse polarity a support area.
A rise above last week's $0.6698 would engage the $0.6714 mid-May high. If $0.6644 were to be fallen through, the support line at $0.6616 may be retested.
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