The Aussie had its positive employment report and cable is awaiting the BOE decision. In the meantime, the technical charts provide some clues.
Here is the view from SocGen:
Here is their view, courtesy of eFXnews:
AUD/USD has formed daily morning star near lower limit of a descending channel at 0.69, notes SocGen.
“Daily indicator is at support highlighting possibility of a rebound towards the descending channel at 0.72/0.7270. However, a break above is needed to indicate a meaningful recovery,” SocGen argues.
AUD/USD has formed daily morning star near lower limit of a descending channel at 0.69, notes SocGen.
“Daily indicator is at support highlighting possibility of a rebound towards the descending channel at 0.72/0.7270. However, a break above is needed to indicate a meaningful recovery,” SocGen argues.
Turning to GBP/USD, SocGen notes that after a break below an upward channel drawn since May, it has rebounded higher.
“Currently a recovery is in force however channel limit at 1.5570 should block it. The down move is likely to continue towards 1.5080 and even 1.48, 76.4% retracement from April lows,” SocGen projects.
Turning to GBP/USD, SocGen notes that after a break below an upward channel drawn since May, it has rebounded higher.
“Currently a recovery is in force however channel limit at 1.5570 should block it. The down move is likely to continue towards 1.5080 and even 1.48, 76.4% retracement from April lows,” SocGen projects.
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