AUD/USD remains bid after RBA rate cut while EUR/JPY, USD/JPY remain under pressure
AUD/USD remains bid after anticipated 25 basis point RBA rate cut to 4.1% while EUR/JPY, USD/JPY remain under pressure.
AUD/USD rises despite RBA rate cut
Last week's AUD/USD chart close above the late January high at $0.6330 is medium-term bullish and targets the $0.6850 region.
The $0.6330 January peak has now become support because of inverse polarity. Further minor support may be found around the $0.6302 early January high and along the 55-day simple moving average (SMA) at $0.6270.
EUR/JPY under pressure
Last week EUR/JPY reversed off its 55-day SMA at ¥161.12 and this week still targets the late September and 3 February lows at ¥158.11-to-¥157.97.
Only if last week's high at ¥161.19 were to be overcome, would the ¥164.00 region be eyed.
USD/JPY hovers above support
Last week's USD/JPY rejection by the 55-day SMA at ¥154.90 has taken it to below the September-to-February support line at ¥151.76, close to the ¥150.94 early February low which so far underpins.
Only a rise above last week's ¥154.80 high would engage the early February high at ¥155.88.
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