AUD/USD drops to 5-month low, EUR/GBP remains under pressure while EUR/USD tries to recover
AUD/USD drops to 5-month low, EUR/GBP remains under pressure while EUR/USD tries to recover ahead of US ADP employment data release and Non -Farm Payrolls on Friday.
AUD/USD drops to 5-month low
AUD/USD slipped through its November $0.6441-to-$0.6435 lows to $0.6409 on Wednesday morning, a five month low. Were they to give way, the August low at $0.6349 would be eyed.
Minor resistance remains to be seen along the September-to-November downtrend line and the 29 November high at $0.6518-to$0.6528.
EUR/GBP stays above support
EUR/GBP remains under pressure and slides towards Monday £0.8271 low, made marginally above the 22 November low at £0.8269. Below this support area lies the November low at £0.8260, a level last traded in April 2022.
The 55-day simple moving average (SMA) at £0.8340 is expected to act as minor resistance, when revisited. Only a rise above it would target last week's high at £0.8375 as well as the late August low at £0.8400.
EUR/USD still tries to recover
EUR/USD is trying to head back up again with the recent highs at $1.0597-to-$1.0610 being in sight while Monday's low at $1.0461 underpins. Below it lies the November $1.0333 low.
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