GBP/USD bottoms out as AUD/USD probes key resistance, USD/JPY drops
GBP/USD bottoms out as AUD/USD probes key resistance, USD/JPY drops as President Trump delays immediate implementation of reciprocal tariffs.
AUD/USD tries to better its January peak
AUD/USD grapples with the late January high at $0.6330, a daily and weekly chart close above it would confirm a medium-term bottoming formation and target the $0.6850 region.
Potential slips may find support around the $0.6302 early January high and along the 55-day simple moving average (SMA) at $0.6274.
Immediate upside pressure should be maintained while this week's low at $0.6235 underpins. Further minor support can be seen at the 19 December low at $0.6200.
USD/JPY resumes its descent
USD/JPY recovery from its two-month lows has taken it to the 55-day SMA at ¥154.83 which rejected the advance.
The September-to-February support line at ¥151.49 is back in sight, as is the ¥150.94 early February low.
Only a rise above this week's ¥154.80 high would engage the early February high at ¥155.88.
GBP/USD breaks through resistance
GBP/USD has risen above last week's high at $1.2550 and made a daily chart close above this level. This confirms a medium-term bottoming formation with the $1.3000 region being eyed.
Immediate upside pressure should be maintained while Tuesday's low at $1.2333 underpins.
Minor support lies at the $1.2524 late January high ahead of the 55-day SMA at $1.2486.
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