EUR/USD is taking a hit while EUR/GBP drops and AUD/USD rally stalls
EUR/USD is taking a hit as US dollar bounces back on solid US data while EUR/GBP drops and AUD/USD rally stalls.
EUR/USD rally stalls
EUR/USD's fall through Thursday's low at $1.1098 neutralizes our short-term outlook.
This level has now become resistance while minor support can be found at Thursday's $1.1056 low, below which lies the $1.1047-40 support zone.
EUR/GBP slips further still
EUR/GBP nears the June-to-July lows at £0.8398-to-£0.8378 which are expected to offer support. Short-term it may try to stabilize above or within this area. If not, the way would open up for the 2 August 2022 low at £0.824 to be reached.
Minor resistance is seen along the 55-day simple moving average (SMA) at £0.8468.
AUD/USD remains bid, for now at least
AUD/USD has reached the 10 May 2023 high at $0.6819 which acted as resistance. Nonetheless, upside pressure will remain in play while Tuesday's low at $0.6762 and the 21 August high at $0.6761 underpin. Further potential support lies sits at the $0.6698 level, made up of the 4 June high and 22 August low.
Above Thursday's high at $0.6824 lie the January high at $0.6839 and the December peak at $0.6871 round which the cross may run out of steam.
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