Australian Dollar Rebounds: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Attempts To Settle Above 145.00

USD/JPY moved out of the downward channel and tested new highs. Currently, USD/JPY is trying to settle above the 145.00 level.

In case this attempt is successful, USD/JPY will head towards the nearest resistance level, which is located in the 146.00 – 146.50 range. A move above 146.50 will open the way to the test of the resistance at 149.50 – 150.00.

EUR/USD Gains Ground As GfK Consumer Confidence Beats Expectations

EUR/USD is moving higher as traders react to the GfK Consumer Confidence report from Germany. The report indicated that Consumer Confidence improved from -21.9 in September to -21.2 in October, compared to anlayst forecast of -21.5. From a big picture point of view, the German economy remains under material pressure.

If EUR/USD manages to settle back above the 1.1150 level, it will move towards the resistance at 1.1185 – 1.1200. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

AUD/USD Rebounds After Pullback

AUD/USD rebounds after the recent pullback as traders focus on the dynamics of precious metals markets. Gold moved back towards historic highs, which was bullish for commodity-related currencies.

From the technical point of view, AUD/USD is heading towards the nearest resistance at 0.6890 – 0.6900. A move above the 0.6900 level will push AUD/USD towards the resistance at 0.6960 – 0.6970.

NZD/USD Gains Ground Amid Rising Demand For Commodity-Related Currencies

NZD/USD has also moved away from recent lows and is trying to gain upside momentum amid rising demand for commodity-related currencies.

A move above the 0.6300 level will push NZD/USD towards the resistance at 0.6360 – 0.6370. In case NZD/USD climbs above the 0.6370 level, it will move towards the next resistance level at 0.6450 – 0.6460.

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