September 26, 2024 16:15 GMT
FOREX: Risk Sensitive FX Briefly Extend Session Highs, Cable Fresh Cycle Peak
FOREX
- The contained range for the USD index on Thursday and the mixed performance for major global equity benchmarks has allowed the clear focus in currency markets to remain on the renewed optimism in China following the multiple stimulus measures announced from the PBOC.
- This has allowed the likes of AUD, NZD and CNH to resume their strengthening trends and reach fresh session highs, while also pressing GBPUSD back above 1.34 and to a fresh cycle peak of 1.3434 in recent trade.
- Cable’s move higher in recent sessions has confirmed a resumption of the medium-term uptrend. Note too that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next.
- For AUDUSD, we remain shy of the 0.6908 highs printed yesterday. Above here, 0.6984 would be the next logical target for the move, the 0.764 projection of the Aug 5 - 29 - Sep 11 price swing.
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