AUD/USD bounce falters and EUR/JPY slumps further, but EUR/GBP rallies ahead of BoE meeting
AUD/USD bounce runs out of steam
AUD/USD continues to head lower despite a rebound from yesterday’s three-month low. Yesterday’s recovery has fizzled out, and a push back to the lows of Wednesday’s session seems likely. This would maintain the bearish view.
A close back above $0.657 would mark a low for the time being, and then the price will test the 200-day simple moving average (SMA).
EUR/GBP rebounds
EUR/GBP has found new bullish momentum, rallying back towards the 50-day SMA and Monday’s peak.
The downtrend is still in place, so any bounce would still likely form a lower high for the time being. However, a medium-goal for further upside would be the late June highs at £0.849 and the early June gap lower.
EUR/JPY slumps to new four-month low
EUR/JPY huge pullback continues, with the price closing below the 200-day SMA for the first time since March 2023.
The uptrend has taken a huge knock, and with the Bank of Japan (BoJ) now likely to tighten further more losses seem likely. The Mach 2024 low at ¥160.00 looms. So far there is little sign of any rebound beginning.
