Australian Dollar Rebounds: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

By:

Vladimir Zernov

Updated: Sep 26, 2024, 08:58 GMT+00:00

Key Points:

USD/JPY managed to get out of the previous downward channel.
EUR/USD made an attempt to settle above 1.1150 as GfK Consumer Confidence report exceeded expectations.
AUD/USD moved higher as traders focused on rising precious metals markets.
NZD/USD rebounded towards the 0.6280 level.

USD/JPY Attempts To Settle Above 145.00

USD/JPY 260924 4h Chart

USD/JPY moved out of the downward channel and tested new highs. Currently, USD/JPY is trying to settle above the 145.00 level.

In case this attempt is successful, USD/JPY will head towards the nearest resistance level, which is located in the 146.00 – 146.50 range. A move above 146.50 will open the way to the test of the resistance at 149.50 – 150.00.

EUR/USD Gains Ground As GfK Consumer Confidence Beats Expectations

EUR/USD 260924 4h Chart

EUR/USD is moving higher as traders react to the GfK Consumer Confidence report from Germany. The report indicated that Consumer Confidence improved from -21.9 in September to -21.2 in October, compared to anlayst forecast of -21.5. From a big picture point of view, the German economy remains under material pressure.

If EUR/USD manages to settle back above the 1.1150 level, it will move towards the resistance at 1.1185 – 1.1200. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

AUD/USD Rebounds After Pullback

AUD/USD 260924 4h Chart

AUD/USD rebounds after the recent pullback as traders focus on the dynamics of precious metals markets. Gold moved back towards historic highs, which was bullish for commodity-related currencies.

From the technical point of view, AUD/USD is heading towards the nearest resistance at 0.6890 – 0.6900. A move above the 0.6900 level will push AUD/USD towards the resistance at 0.6960 – 0.6970.

NZD/USD Gains Ground Amid Rising Demand For Commodity-Related Currencies

NZD/USD 260924 4h Chart

NZD/USD has also moved away from recent lows and is trying to gain upside momentum amid rising demand for commodity-related currencies.

A move above the 0.6300 level will push NZD/USD towards the resistance at 0.6360 – 0.6370. In case NZD/USD climbs above the 0.6370 level, it will move towards the next resistance level at 0.6450 – 0.6460.

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About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.