AUD/USD falls, but EUR/GBP and USD/CAD have risen once more
Renewed dollar strength has hit AUD/USD and lifted USD/CAD, while EUR/GBP is rising once more.
AUD/USD under pressure again
Risk aversion has driven the pair AUD/USD lower despite the higher Australian inflation reading.
The pair has returned to the $0.63 zone that has acted as support throughout October so far. A close below $0.628 would open the way towards the lows of 2022.
Bulls have been denied a move higher, and it would need a close above $0.64 and above trendline resistance from early September to suggest that a more sustained bounce might be in the offing.
EUR/GBP rally revives
EUR/GBP's rally goes on, recovering from Tuesday’s weakness.
Further gains now target the £0.8733 level that marked a key support zone in the first few months of the year. A close above this level solidifies the bullish view further.
The price does seem stretched from trendline support, with a drop towards £0.868 potentially bringing trendline support into view while leaving the broader recovery intact.
USD/CAD hits new multi-month high
The uptrend for USD/CAD roared back into lie on Wednesday, pushing to a new higher high.
The price is now at its highest level since late March, and further gains target the March high at $1.8965. The uptrend is firmly intact, after the higher low at the end of September.
There is little sign of a reversal, with buyers remaining in charge for the time being.
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