EUR/USD, GBP/USD and AUD/USD retreat as US dollar strengthens post-Trump inauguration
EUR/USD and GBP/USD retreat from resistance, while AUD/USD also takes a hit amid a rising US dollar following President Trump's inauguration.
EUR/USD thwarted by resistance
EUR/USD's recovery from its over two-year low of $1.0178 likely ended at Monday's high of $1.0434, with resistance between $1.0436 and $1.0460 capping further gains.
Minor support can be found around the low of $1.0344 from 20 December, and subsequently at the early January low of $1.0225.
EUR/USD daily chart
GBP/USD hovers above 13-month low
GBP/USD continues to trade within a range above its 15-month low of $1.2100. However, it is expected to remain below Monday's high of $1.2345 and the early January low of $1.2353. Should these levels be surpassed, the November low of $1.2488 could be reached.
A decline below the $1.2100 level is more likely, targeting the October 2023 low of $1.2038, as well as the psychological support at $1.2000.
GBP/USD daily chart
AUD/USD drops
AUD/USD's recovery from its mid-January low of $0.6132 has brought it to $0.6288, nearing the early January high of $0.6302, which is likely to act as a cap.
Minor support is located at the late December low of $0.6180, as well as Friday's low of $0.6165.
A fall below the current January low of $0.6132 would highlight the October 2008 low of $0.6009 as the next target.
AUD/USD daily chart
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