Foreign exchange market:EUR/JPY down, EUR/GBP under pressure, AUD/USD up
On Thursday (October 24th) during the European trading session, the EUR/USD rose back to 1.0797/98 after a dip, with a 0.15% increase.
EUR/JPY fell, recovering some of yesterday's gains. EUR/GBP continues to face pressure. At the same time, AUD/USD attempted to rise after falling yesterday. The following is an analysis of three currency pairs: EUR/JPY, EUR/GBP, and AUD/USD.
EUR/JPY rises to near 12 week high
(EUR/JPY daily chart)
EUR/JPY surged to its highest level since early August yesterday, breaking above the 200 day simple moving average (SMA).
EUR/JPY continues to be supported by the upward trend line from the September low. Meanwhile, support at the levels of 163.64 and 161.87 may provide support in the event of another decline.
EUR/GBP hit by early selling
(EUR/GBP daily chart)
In early trading, the euro/pound experienced a sharp drop after rebounding yesterday, possibly testing the recent low around 0.8310 pounds.
If the closing price falls below this level, it may open a channel to the 2022 lows of 0.8251 and 0.8203. The downward trend is still strong, and the daily random indicators seem to be preparing to turn downwards.
AUD/USD slightly rises
(AUD/USD daily chart)
On Tuesday, the AUD/USD fell to its lowest level since early September, testing the 200 day moving average again.
Prices are attempting to rebound, with daily random indicators continuing to rise, providing hope for short-term lows. If the closing price returns above $0.67, it may indicate that a low point has been formed. Another scenario is that AUD/USD may once again push down to around the August low of $0.6482.
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