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AUD/USD, GBP/USD hover above support while USD/JPY continues its advance

AUD/USD, GBP/USD hover above support while USD/JPY continues its advance ahead of US CPI and FOMC meeting.

AUD Source: Getty Images
Forex United States dollar Japanese yen USD/JPY GBP/USD AUD/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

AUD/USD under pressure

AUD/USD managed to level out slightly above the 55-day simple moving average (SMA) at $0.6573 on Monday. While it holds, a recovery move may take the cross to its 5 June low at $0.6627.

A fall through the 55-day SMA would likely engage the 8 May low at $0.6558 ahead of the 200-day simple moving average (SMA) at $0.6539.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

GBP/USD hovers above support

GBP/USD has come off its 4 and 7 June 2 1/2 month highs at $1.2818 which were made close to the $1.2823 mid-March high, and slid to support at $1.2694 to $1.2676 before bouncing off it on Monday.

If it were to give way on a daily chart closing basis, a more significant top may be formed, though.

Minor resistance can be found at the 22 May high at $1.2761.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

USD/JPY rises further still

USD/JPY is still heading towards its late May peak at ¥157.70. This should remain the case while minor support in the ¥156.48-45 zone holds.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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