Technical Analysis: Australian Dollar holds position above 0.6500
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The Australian Dollar trades around 0.6530 on Friday. The pair has breached into a symmetrical triangle pattern, with the 14-day Relative Strength Index (RSI) above the 50-level, supporting this bullish outlook.

The AUD/USD pair could target the pullback resistance at the level of 0.6553. A breakthrough above the latter could lead the pair to approach the psychological level of 0.6600 and aim for the triangle's upper boundary near 0.6639.

On the downside, immediate support is expected around the psychological level of 0.6500. A break below this level may lead to further downside momentum, with the next significant support region around 0.6443, following further support at April’s low of 0.6362.


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Technical Analysis: Australian Dollar hovers above the psychological level of 0.6500
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The Australian Dollar trades around 0.6510 on Thursday. The pair is hovering above the lower boundary of a symmetrical triangle pattern. A further gain could lead to a neutral sentiment, with the pair potentially targeting the psychological level of 0.6600 and aiming for the upper boundary of the triangle near 0.6639.

On the downside, immediate support is expected around the psychological level of 0.6500. A break below this level may lead to further downside momentum, with the next significant support region around 0.6456. The AUD/USD pair may find further support at April’s low of 0.6362.


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Technical Analysis: AUD/JPY moves above the psychological level of 101.00
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The AUD/JPY trades around 101.10 on Thursday, edging towards the upper boundary of the daily ascending channel after surpassing April’s high of 100.81. Moreover, the 14-day Relative Strength Index (RSI) is trending above the 50-level, backing the bullish sentiment. The immediate resistance is seen at the major level of 101.50.

In case of a downside movement, immediate support for the AUD/JPY pair could be found at the psychological level of 101.00. A breach below this level might lead to a further decline toward the psychological level of 100.00, followed by the support level of 99.65 and the lower boundary of the ascending channel around the level of 99.00.


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EUR/USD Price Analysis: Moves above 1.0700, next barrier at 21-day EMA
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EUR/USD recovers its recent losses registered in the previous session, trading around 1.0710 during the Asian session on Thursday. From a technical standpoint, analysis suggests a weakening of bearish sentiment for the pair as it has surpassed the major level of 1.0695 and the psychological level of 1.0700.

Additionally, the lagging indicator Moving Average Convergence Divergence (MACD) indicates a shift in momentum for the EUR/USD pair, as it is positioned below the centerline but above the signal line. However, the 14-day Relative Strength Index (RSI) remains below the 50-mark, indicating a continuation of bearish momentum.

Key support for the EUR/USD pair is likely to be found around the psychological level of 1.0700. A breach below this level could apply downward pressure on the pair, potentially leading it toward the region surrounding the major support level of 1.0650. Further support may be identified around April’s low at 1.0601, which aligns with the psychological level of 1.0600.

On the upside, the immediate barrier for the pair could be the 21-day Exponential Moving Average (EMA) at 1.0727. A breakthrough above this level could propel the pair towards the 38.2% Fibonacci retracement level at 1.0749, which is drawn between the levels of 1.0981 and 1.0606, coinciding with the major level of 1.0750.


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GBP/USD Price Analysis: Acceptance above 23.6% Fibo. favors bulls ahead of US Q1 GDP
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The GBP/USD pair consolidates its strong recovery gains registered over the past two days, from the 1.2300 mark or the YTD low set earlier this week and oscillates in a range during the Asian session on Thursday. Spot prices currently trade near the 1.2465 region, unchanged for the day as traders await more cues about the Federal Reserve's (Fed) rate-cut path before placing fresh directional bets.

Hence, the focus will remain glued to important US macro data – the Advance Q1 GDP report later today and the Personal Consumption Expenditures (PCE) Price Index on Friday. In the meantime, expectations that the Fed will delay cutting interest rates in the wake of sticky inflation continue to act as a tailwind for the US Dollar (USD). Apart from this, speculations about more aggressive policy easing by the Bank of England (BoE) undermine demand for the British Pound (GBP) and act as a headwind for the GBP/USD pair.

From a technical perspective, acceptance above the 23.6% Fibonacci retracement level of the March-April downfall favors bullish traders and supports prospects for a further appreciating move. Hence, some follow-through strength beyond the 1.2500 psychological mark, en route to the 1.2530-1.2535 region or the 38.2% Fibo. level, looks like a distinct possibility. That said, oscillators on the daily chart are still holding in the negative territory, suggesting that the latter should act as a headwind and cap the upside for the GBP/USD pair.

On the flip side, the 1.2425 area now seems to protect the immediate downside ahead of the 1.2400 round figure. Some follow-through selling could drag the GBP/USD pair back towards the 1.2350 intermediate support en route to the 1.2300 mark, or the YTD low touched on Tuesday. A convincing break below the latter will be seen as a fresh trigger for bearish traders and pave the way for an extension of the recent downtrend from the March swing high. Spot prices might then slide to the 1.2245 area before dropping to the 1.2200 mark.


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