EUR/USD awaits data, EUR/GBP close to resistance as AUD/USD stalls
EUR/USD trades in low volatility while EUR/GBP snapped back up but nears technical resistance, just as AUD/USD did before stalling.
EUR/USD trades sideways in low volatility ahead of US data
EUR/USD continues to range trade in low volatility below its two-month downtrend line at $1.1023 as traders await US consumer confidence, core personal consumption expenditures (PCE) price index and employment data.
A slip through yesterday’s low at $1.0945 would engage the mid-March $1.0901 low. Further down sits the $1.0806 early March low.
Minor resistance above the downtrend line can be spotted at yesterday’s $1.1037 high. While the cross remains below the next higher mid-March high at $1.1137, this year’s downtrend remains intact.
![EUR/USD chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/29032022_EURUSD-Daily.png/jcr:content/renditions/original-size.webp)
EUR/GBP rally approaches resistance zone which may cap
EUR/GBP’s advance off last week’s £0.8296 low is about to reach the 16 February and 25 February highs at £0.8402 to £0.8408 around which the cross may stall, though.
If not, the current March high at £0.8458 would be back in play, together with the 200-day simple moving average (SMA) at £0.8471.
Minor support can be found along the 55-day SMA and 11 March low at £0.8362 to £0.836. Then there is yesterday’s low at £0.8322.
![EUR/GBP chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/29032022_EURGBP-Daily.png/jcr:content/renditions/original-size.webp)
Respite for the AUD/USD rally
AUD/USD’s strong rally has come close to its $0.7555 October peak but stalled just shy of it at $0.754 despite strong Australian retail sales data as traders assess the situation in Ukraine, the fall in the oil price and lockdowns in China.
This has come as no surprise to technical analysts since previous lows and highs often act as initial resistance when they are revisited. In this case the February and March 2021 lows with the October 2021 high at $0.7532 to $0.7564 create such a resistance zone.
Range trading below the $0.754 to $0.7555 October and current March highs is likely to ensue today. Support below yesterday’s low at $0.7467 can be spotted at the 7 March high at $0.7441. Only a rise and daily chart close above the February 2021 low at $0.7564 would push the January 2021 high at $0.782 to the fore.
![AUD/USD chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/29032022_AUDUSD-Daily.png/jcr:content/renditions/original-size.webp)
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