GBP/USD has breached the ascending triangle to the upside. The pair’s correcting up as the market seems tired of the USD longs. A fix above 1.5790 will open the way to 1.5875. Pound is now at the upper border of the short-term rising channel. If resistance holds, look at support at 1.5670 and 1.5625.
USD/JPY is consolidating in the 117.70 area. The bias is to the downside, although the pair moves very slowly. Support is at 117.35 and 117.00 ahead of 116.15.
AUD/USD is testing the 0.8500 mark to the downside on Wednesday, testing the levels unseen since 2010. We see from the monthly chart, that in November the price has fallen below the lower border of the Ichimoku (0.8540). Aussie remains under pressure because of the RBA, China and falling commodity prices. Daily close below the 0.8500 mark would be a strong selling signal. On Thursday Australia is scheduled to release Q3 private capital expenditure data (forecast – negative).
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.