Technical Overview of AUD/USD, EUR/USD and GBP/USD Currency Pair

AUD USD

AUD traded lower against USD and closed at 0.6737.

  • AUD/USD opened 0.6738 and drifted down to 0.6724 in early Asia
  • AUD/JPY selling out of Tokyo weighed before speech by RBA Governor Lowe
  • There was little reaction to Lowe’s initial relatively upbeat comments
  • The pair moved higher later when Lowe indicated the RBA not ready to ease
  • The AUD/USD traded to 0.6745 before easing back to 0.6735 into the afternoon
  • Resistance at 10-day MA @ 0.6752 and break would suggest S/T bottom in place
  • Hourly support at 0.6705 and break would ease the upward pressure

According to the Analysis, pair is expected to find support at 0.6693 and a fall through could take it to the next support level of 0.6678. The pair is expected to find its first resistance at 0.6741, and a rise through could take it to the next resistance level of 0.6756.

EUR USD

EUR traded lower against USD and closed at 1.1042.

EUR/USD feels the pull of gravity amid risk reset, ahead of Eurozone PMIs. EUR/USD is losing altitude amid risk reset in the financial markets. Coronavirus scare has eased with China’s decision to inject liquidity. All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.

  • EUR/USD is losing altitude amid risk reset in the financial markets. 
  • Coronavirus scare has eased with China’s decision to inject liquidity. 
  • All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.

According to the Analysis, pair is expected to find support at 1.1035 and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1059 and a rise through could take it to the next resistance level of 1.1067.

GBP USD

GBP traded lower against USD and closed at 1.3029.

GBP/USD fails to hold onto recovery gains ahead of UK Services PMI

  • GBP/USD again comes under pressure amid fresh news from Britain, broad US dollar strength.
  • The UK PM’s policies on the jurisdiction, the environment gets criticism, odds for tough EU-UK talks increase.
  • Updates from China, Brexit headlines could also join economic signals to offer an active day.

According to the Analysis, pair is expected to find support at 1.3018 and a fall through could take it to the next support level of 1.3017. The pair is expected to find its first resistance at 1.3022 and a rise through could take it to the next resistance level of 1.3023.

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Author: Mark Burg