EUR/GBP moves higher but AUD/USD and USD/CAD rallies stall
While the euro is pushing higher against the pound, the Aussie’s bounce against the dollar has run into some selling, as has that for the US dollar versus its Canadian counterpart.
EUR/GBP makes headway
EUR/GBP has begun to recover from near the £0.85 level. If it can carry this through to the 50-day simple moving average (SMA) then a fresh attempt to break above £0.857 could develop.
However, the price remains in a downward move from the January highs, with a reversal of this outlook requiring a move back above trendline resistance from the November peak.
AUD/USD fades off high
For AUD/USD, Friday saw the Aussie rally to its highest level since early January. While the price was unable to hold its highs, the overall bounce from last week’s lows is intact.
Trendline support from the February low may come into play in the event of a more substantial drop. A medium-term view may see the price push on above $0.665, helping to then target $0.67 and higher.
USD/CAD looks to move higher
A volatile period for USD/CAD could be ending in a move higher, as the price recovers above the 50-day SMA and targets a possible move towards C$1.36.
Having recovered on Monday the price looks set for further upside, unless we see a close back below the low of the session, which might then suggest a drop back to the late-January lows at C$1.3371.
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