Today's actions:
AUDCAD : Remains above strong support at the late 2022 low at 0.8600. Still, this wouldn't necessarily mean a reversal of the downtrend – it could, but that would require the cross to initially break above the 89-day moving average, which coincides with the upper edge of a descending channel since mid-2023. For a sustained For a rebound to occur, the cross should clear the June high at 0.9100. Sell range set at 0.876. Target 0.87374
EURGBP : Rising government bond yields have not helped the pound, which is falling against both the US dollar and the euro due to weak UK GDP data. The rise in yields on British government bonds does not appear to have been able to stop the decline of the British pound against the euro. After data showed the UK economy stagnating in the third quarter, meaning both the Eurozone and UK economies are competing to demonstrate the ability to bounce back, restore growth and maintain record high interest rates. EURGBP rises 0.2% to 0.8747, while GBPUSD falls 0.1% to 1.2216. We have entered a Buy range at 0.87490 with a target of 0.88029.
EURAUD: target adjusted to 1.69858
GBPAUD: target adjusted to 1.94373
CADJPY : trade range disabled
AUDCAD : Remains above strong support at the late 2022 low at 0.8600. Still, this wouldn't necessarily mean a reversal of the downtrend – it could, but that would require the cross to initially break above the 89-day moving average, which coincides with the upper edge of a descending channel since mid-2023. For a sustained For a rebound to occur, the cross should clear the June high at 0.9100. Sell range set at 0.876. Target 0.87374
EURGBP : Rising government bond yields have not helped the pound, which is falling against both the US dollar and the euro due to weak UK GDP data. The rise in yields on British government bonds does not appear to have been able to stop the decline of the British pound against the euro. After data showed the UK economy stagnating in the third quarter, meaning both the Eurozone and UK economies are competing to demonstrate the ability to bounce back, restore growth and maintain record high interest rates. EURGBP rises 0.2% to 0.8747, while GBPUSD falls 0.1% to 1.2216. We have entered a Buy range at 0.87490 with a target of 0.88029.
EURAUD: target adjusted to 1.69858
GBPAUD: target adjusted to 1.94373
CADJPY : trade range disabled