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AUD/USD, GBP/USD rise while USD/JPY drops to two-week low​

​​​GBP/USD nears downtrend line

​GBP/USD retains its bullish bias and will continue to do so while it stays above Wednesday’s $1.2466 low on a daily chart closing basis. A fall through the the next lower Friday low at $1.2449 would probably engage the mid-April low at $1.2406, though.

​While $1.2466 underpins, the March-to-April downtrend line at $1.2566 will remain in focus. A rise above which would engage the 55-day simple moving average (SMA) at $1.2614.

​AUD/USD continues to rise

AUD/USD’s swift recovery from Wednesday’s $0.6465 low has taken it to this year’s downtrend line at $0.6588, a rise above which would target the March and April highs at $0.6644 to $0.6667.

​Support is seen between the 55- and 200-day SMA at $0.6532 and $0.652.

​USD/JPY comes off its ¥160.21 high

​USD/JPY is being pushed down towards the March high and 55-day SMA at ¥151.97 to ¥151.73 while minor resistance sits at Monday’s ¥154.51.

This post appeared first on ig.com

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