AUDUSD traded slightly positive into the close but largely trades within the recent range. Despite recent gains, the trend structure remains bearish. Key resistance is at 0.6300 (pierced), the 50-day EMA, and 0.6331, the Jan 24 high. A clear break of both levels is required to highlight a stronger reversal. On the downside, a resumption of weakness would refocus attention on 0.6088, the Feb 3 low, and the bear trigger.
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A bear cycle in Aussie 3-yr futures remains intact. The latest move down reinforces the bear theme and the contract has traded through the December low. A deeper sell-off would refocus attention on 95.760, the 14 Nov ‘24 low. On the upside, a reversal higher would instead signal scope for an extension towards 96.360, the Dec 11 high. Further out, the key resistance is at 96.730, the Sep 17 high.
EURGBP maintains a firmer tone and the cross traded higher Tuesday. The latest recovery undermines the recent bearish theme and suggests scope for a stronger short-term recovery. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8321.