AUD/USD rally stalls while EUR/JPY, USD/JPY gradually rise
AUD/USD encounters resistance but EUR/JPY, USD/JPY gradually advance.
AUD/USD rally stalls
AUD/USD's rally stalled slightly above the $0.6895-99 June and July 2023 highs, as expected. Above Wednesday's high at $0.6908 lies the January 2022 low at $0.6968.
Wednesday's bearish engulfing pattern on the daily candlestick chart may lead to a minor reversal being seen, but only if a fall through Wednesday's low at $0.6819 were to occur. Even in this scenario overall upside pressure should remain in play while Thursday's low at $0.6738 underpins.
EUR/JPY looks bid
EUR/JPY is gradually advancing towards its 55-day simple moving average (SMA) at ¥162.30, above which potentially beckons the ¥163.89-¥164.04 resistance zone, made up of the mid-August high and the 200-day SMA.
Minor support below Monday's ¥159.05 low remains to be seen at the 12 September high at ¥157.51.
USD/JPY recovers further
USD/JPY still targets the ¥147.21 early September high as well as the ¥147.44 55-day SMA.
Minor support below Wednesday's ¥142.90 low remains to be seen at the ¥141.70 August low.
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