By Orbex
AUDUSD retreats from major resistance
The Australian dollar surged after the RBA announced it would trim its QE by $1 billion.
The initial rally above 0.7525 has put the bears under pressure. A bullish MA cross suggests strong buying interest in reversing the correction.
Price action has retracted from the major supply area around 0.7600. The RSI’s double-dip into the overbought zone may have hindered its advance.
A bullish breakout would trigger an extended rally to 0.7700. 0.7460 is a critical floor as the Aussie seeks support.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
USDJPY tests critical support
The US dollar drifts lower as traders await the Fed minutes.
The greenback has met stiff selling pressure at March 2020’s high, at 111.70. A combination of profit-taking and fresh selling has pushed the pair down to the base of the latest rally (110.40).
Price is now at a crossroad as a bearish breakout may trigger a correction towards 109.80.
However, a near-oversold RSI may attract buyers in the demand zone. A rebound will need to clear the psychological level of 111.00 first before it could retest the previous high.
EURGBP bounces off key demand zone
The euro whipsawed higher after the eurozone’s better-than-expected retail sales in May. The single currency saw strong buying interest at the key demand zone of 0.8530.
Early bulls have seen an oversold RSI as a buying opportunity. Momentum above 0.8560 indicates that sellers may have rushed to close their positions. The RSI has reemerged back to the neutral area.
0.8580 is the next target, its breach could clear the path for 0.8610, the top of the recent consolidation range.
By Orbex
- Bitcoin has dropped below $70,000. The Bank of Mexico held its rate at 7% Feb 6, 2026
- Gold Closes with a Decline for the Second Week in a Row: Fewer Risks Feb 6, 2026
- The British Index has hit a new all-time high. Silver has plummeted by 16% Feb 5, 2026
- GBP/USD Under Local Pressure: Focus on Bank of England Signals Feb 5, 2026
- Bitcoin has plummeted to a 14-month low. Silver jumped by more than 10% Feb 4, 2026
- Gold is Back in the Black: Geopolitics Dictates Conditions Again Feb 4, 2026
- US natural gas prices collapsed by 21%. The RBA raised its interest rate by 0.25% Feb 3, 2026
- What goes up must come down… Feb 2, 2026
- Donald Trump appoints a new successor for the Fed chair. Precious metals hit by sell-off Feb 2, 2026
- USDJPY Realises Correction: BOJ Policy Weighs on Yen Feb 2, 2026
