News Technology

Both the EUR/USD and GBP/USD are looking to break beyond their most recent highs, while the AUD/USD is showing some weakness after the RBA pause. ​​​​

As the Reserve Bank of Australia decided to suspend its efforts to raise interest rates, the euro and the pound are looking to make a breakout against the dollar, while the Australian dollar is keeping most of its gains.
The EUR/USD rate has returned to $1.09
The price has regained its upward momentum after climbing back up from Monday’s lows, which is denoted by the EUR/USD pair.

The $1.10 level is still the next important level to keep an eye on, and if it is broken, the $1.116 level, which was reached in March of last year, will be the next longer-term goal to aim for. The price has rebounded as it once again found support around $1.054, giving buyers control of the situation once again.

In order for a near-term bearish outlook to be suggested by sellers, there will need to be a move below $1.052 in price.

​AUD/USD holds gains as RBA pauses
Despite the fact that the Reserve Bank of Australia (RBA) has chosen to hold off on raising interest rates, the AUD/USD exchange rate has finally begun to rise, joining the risk-on trend that has been taking place across other markets. This development has not been enough to discourage investors.

The comeback to levels above the 200-day simple moving average This currently puts the price on track to challenge the 100-day and 50-day simple moving averages (SMAs), and if any of these can be broken, then the bullish view will receive additional support. This would then clear the path to the $0.69 and $0.70 levels, both of which have been significant places of resistance in recent price action.

In order to resurrect the bearish picture, sellers will need to drive the price lower below $0.665 once again.
IG, which is a trading name of IG Markets Limited, is the organisation that compiled this information. In addition to the disclaimer that can be found below, the content that can be seen on this page does not include a record of our trading prices, an offer to engage in a transaction in any financial instrument, or a solicitation of interest in engaging in such a transaction. IG does not take any responsibility for the uses that may be made of these comments or the repercussions that may follow from those uses. This information is not guaranteed to be correct or complete in any way, and we make no representations or warranties to that effect. As a direct consequence, anyone who acts on it does so completely at their own own. Any study that is supplied does not take into account the particular investment goals, financial circumstances, or needs of any particular person who may receive it. As a result of the fact that it was not developed in line with regulatory standards that were established to enhance the independence of investment research, it is regarded as a marketing message. Although we are not expressly prohibited from engaging in transactions prior to the dissemination of our suggestions, we do not actively strive to profit from them before they are made available to our customers. Please see the entire disclaimer and quarterly summary for more information on the research.

Leave a Reply

Your email address will not be published. Required fields are marked *