AUD/USD, EUR/USD and GBP/USD regain lost ground
AUD/USD, EUR/USD and GBP/USD regain lost ground amid US dollar depreciation due to weaker than expected US PMIs and as Australian Q1 inflation rate slows less than expected.
AUD/USD rally continues
Australian quarter one (Q1) inflation slowing less than expected has helped AUD/USD recover further.
AUD/USD continues to rally from Friday's $0.6363 low and has reached the 200- and 55-day simple moving averages (SMA) at $0.6527-to-$0.6528 which may short-term cap. If not, the late March high at $0.6559 will be next in line.
Previous resistance may now, because of inverse polarity, offer support at $0.6481-78.
EUR/USD probes resistance
The German Ifo business climate at 9am BST will be closely watched by traders in the euro.
EUR/USD entered the key $1.069 to $1.0725 resistance zone which is expected to cap. Slips may find support around Thursday's $1.069 high.
Were a rise above $1.0725 to be seen, the $1.0791-96 would be back in sight, neutralizing our medium-term outlook.
GBP/USD bounces off five-month lows
GBP/USD's strong recover on Monday may lead to Thursday's high at $1.2485 being revisited. Above it lies major resistance at $1.25 to $1.252.
Slips may find support around the mid-April $1.2406 low.
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