EUR/USD holds support zone
EUR/USD remains close to the $1.22 support area, although it is testing the bottom end of that range.
As yesterday, $1.2165 and $1.2092 remain possible support, and we need to see a push above $1.24 for the pair to create a breakout. Given that yesterday’s bounce was so meagre and is already running into selling, it looks like the sellers remain in charge here.
EUR/USD price chart
GBP/USD hits bounce territory
GBP/USD has been similar to EUR/USD in that yesterday’s bounce has fizzled out, although the uptrend over the past year is still intact and stochastics on the daily chart are now in oversold territory.
A bounce could materialise from here, but this would need a move back above $1.4036, the 50-day simple moving average (SMA).
GBP/USD price chart
No turnaround in sight for AUD/USD
There will be plenty of hand-wringing among bulls as AUD/USD continues to fall below the long-term rising trendline.
Any bounce that fails to move back above this trendline and the $0.7650 area would likely be a selling opportunity, with a push to the $0.75 level in view.
AUD/USD price chart