GBP/AUD is consolidating inside a descending triangle pattern, showing a potential range play for short-term traders or a possible breakout and longer-term bias for swing traders.
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The US dollar suffered huge losses to most of its major counterparts in recent trading, as the GDP reading was downgraded to show a 2.9% contraction.
USD/JPY has been consolidating inside a symmetrical triangle for almost an entire month, as traders are torn in picking a clear direction for this pair. However, the bleak US GDP release has resulted in a sharp downside break from triangle support and indicated that the next trend could be downward.
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The US dollar had a mixed performance to its major counterparts in recent trading as it acted mostly as a counter currency.
EUR/GBP is showing signs of pulling back to the retracement levels and trend line marked on the 4-hour time frame. As you can see, the 50% Fibonacci retracement level lines up with the .8050 minor psychological level, which might act as resistance for the pair.
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Although the US dollar had a volatile trading day, it was practically range-bound against most of its major forex counterparts.
EUR/NZD has been in a steady downtrend, as the ECB rate cut has weighed on the euro’s value. At the same time, the recent RBNZ rate hike is keeping the New Zealand dollar afloat against its major forex counterparts.
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The US dollar had a small recovery on Friday, as traders booked their post-FOMC dollar short profits.
GBP/USD has recently made a strong convincing break past its yearly highs at the 1.7000 major psychological level, indicating a continuation of the long-term rally. However, price has retreated back to the 1.7000 area after reaching highs past the 1.7060 levels.
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The US dollar still lacked support in recent trading sessions, as risk appetite picked up and traders are disappointed about the latest FOMC statement.