Dollar weakness continues to bolster GBP/USD and AUD/USD
The pound and the Aussie remain in uptrends against the dollar, as risk appetite recovers around the globe.
GBP/USD
What started off as a counter-trend bounce from the lows of January has continued throughout February and March.
Having cleared $1.28 and the 200-day simple moving average (SMA), the GBP/USD price is now on the cusp of testing early November highs. There has been little in the way of short-term weakness for the pair, and some support may be found at the December $1.28 highs. November’s $1.3045 highs beckon in the short-term.
AUD/USD
AUD/USD is heading back to test the late February highs, having begun a new leg higher at the beginning of the month from support at $0.62.
Above $0.64, the February high, the price will target the declining 200-day SMA. This creates a new higher high, further reinforcing the bullish view. A close back below the 10 March low at $0.6260 would suggest a possible retest of the early March low.
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