The forex market is currently experiencing a period of caution and volatility. Traders are closely monitoring the EUR/USD and EUR/GBP currency pairs, which are showing signs of stabilization after a volatile period. Meanwhile, the AUD/USD is facing a notable decline, reflecting concerns about the Australian economy.
The EUR/USD has faced seven consecutive days of falling prices but is now attempting to find support above the recent low of $1.0952. Traders are keeping an eye on the September low of $1.1002 as a key resistance level. If the pair falls below $1.0952, potential support levels to watch are the mid-July high of $1.0948 and the early June high of $1.0916.
Overall, traders are cautiously observing economic indicators and geopolitical developments that could impact the euro and the pound.
The EUR/GBP remains range-bound, staying below last week's near two-week high of £0.8434. The pair's recent low of £0.8354 is a critical support point, with further support found in the £0.8322-11 zone. Traders are closely monitoring market sentiment and considering economic indicators and geopolitical developments that could influence the euro and the pound.
The AUD/USD is facing continued pressure and is on track for its fourth consecutive day of decline. This reflects concerns about the Australian economy, particularly in relation to commodity prices and trade dynamics. The performance of the Australian dollar will be closely monitored, as it is correlated with commodity exports, which are crucial for the country's economic health.
Traders are closely watching key economic indicators and geopolitical developments to gauge the future direction of the Australian dollar.
Overall, the forex market is characterized by caution, with investors looking for signs of recovery in the euro pairs and a more bearish outlook for the Australian dollar.