EUR/USD M5 Chart
After a sudden surge at around 7.00am SGT which saw EUR/USD broke above yesterday’s high, price hit H3 and started to pull back lower, with the same Yesterday’s High level acting as potential support.
Despite the much better than expected Chinese PMI, price barely moved, touching H3 very briefly before continuing its current downward trend.
GBP/USD M5 Chart
Similar to Fiber, Cable didn’t manage to punch above previous resistance despite the positive news. Nonetheless, price appear to be supported via 1.596 with Yesterday’s High acting as yet another level of support.
AUD/USD M5 Chart
Aussie was better served with price carving out a new high, capping below H4 and Yesterday’s High. Today’s H3 could still act as important support should price break below current interim support of 1.0385.
Bottomline:
Asian Equities climbing higher with US Futures trading higher as well. However, that bullishness did not spill over to all currencies, hinting inherent weakness in EUR and GBP.
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