GBP/USD, USD/JPY rallies stall while AUD/USD slips as greenback fights back
GBP/USD, USD/JPY rallies stall while AUD/USD slips as the US dollar recovers ahead of Eurozone PMI and PPI data, US ISM services PMI and factory orders as well as a speech by FOMC member Barr.
GBP/USD consolidates below resistance
GBP/USD recovered from Friday's low at $1.26 and risen to Monday's $1.2707 high, close to its $1.271 late February high which is still key. While the cross remains below these levels, further range trading is likely to be seen.
The $1.271 level needs to be overcome for the $1.275 area to be back in sight. This outlook will remain valid while Friday's low at $1.26 underpins.
Minor support below the 55-day simple moving average (SMA) at $1.2673 sits at the late January $1.2641 low ahead of the more significant $1.2612-11 support zone.
USD/JPY continues to gradually advance
Last week's USD/JPY rapid fall towards the ¥148.93-80 support zone, made up of the 19 and 23 January as well as 5 February highs and 12 February low, was followed by a gradual advance to Friday's ¥150.72 high. This remains in sight.
Above it lie the February highs at ¥150.83-88. While these levels cap, though, a toppish bearish reversal pattern may still unfold.
Minor support can be spotted at the 20 February ¥149.69 low.
AUD/USD slips once more
Last week AUD/USD made a near two-week low at $0.6487 from which it recovered to Monday's $0.6535 high before it resumed its descent.
As long as the $0.6487-81 area underpins on a daily chart closing basis, though, the mid-February advance remains intact.
Failure at $0.6481 would push the 13 February low at $0.6443 to the fore.
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