AUD/USD reached the 200-month MA at 0.7780. The outlook for Aussie is bearish as traders are speculating about the possibility of the Reserve Bank of Australia cutting rates next Tuesday. The next support is at 0.7650. Resistance is at 0.7950. On Friday watch Australian producer price data (00:30 GMT). NZD/USD shorts targeting 0.7150 seem like a good trade idea.
USD/CAD has surged to 1.2550. The pair is certainly very overbought and required correction at least to 1.2400. On the upside targets lie at 1.2630, 1.2680 and 1.2700. The US and Canada will release GDP data at 13:30 GMT.
GBP/USD and USD/JPY keep consolidating and the levels to watch for them remain pretty much the same. USD/JPY faces resistance at 118.80 and 119.30 and has support at 117.25/15, 116.50 and 115.85. GBP/USD has resistance at 1.5155, 1.5200, 1.5267 and support at 1.5100, 1.5050 and 1.5000. The US GDP release should bring more volatility in these pairs.
Recommended Content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.