EURAUD – Broken Below Key Support (Daily chart)
AUD/USD: Sellers catch a breath around 0.7050 amid mixed sentiment
Having slipped from the 12-week high, AUD/USD stabilizes around 0.7050 during early Monday morning in Asia. Like other major currency pairs, the Aussie also had to bear the burden of the USD strength on Friday.
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ECB expected to maintain the status quo, but also to hint more easing coming
Choppy price behavior has dominated the EUR/USD pair these last few days, although it spent the week within the previous one’s range, meeting sellers around 1.1280 and holding above July’s low of 1.1192. For the pair, the week was all about central banks and monetary policy.
After bottoming at a fresh multi-year low of 1.2381, the GBP/USD pair began an upward corrective movement that sees it new struggling with the 1.2500 figure. Sterling weakness is a result of mounting speculation about a hard-Brexit, while the pair’s bounce has more to do with broad dollar’s weakness.
The Technical Confluences Indicator shows that GBP/USD pair is trading at a tough resistance area, with an even stronger one at around 1.2505, where it has its 10 DMA, and June’s monthly low. If bulls can clear the level, the pair can extend its gains up to the 1.2540 price zone, although the path toward this last is fulfilled with technical studies that will make the run tough.
