FOREX: J.P. Morgan - FX Technicals
J.P. Morgan: "EUR/USD triggers another momentum divergence buy signal as it bounces from the post-payrolls retest of the 1.02 support layer. We see three resistance levels overhead. A push through the first at 1.033-1.035 would confirm a short-term trend reversal and target a move toward the 1.045-1.046 resistance zone. The higher zone and what we think will keep a ceiling over the pair through 1H25 even if the market squeezes surrounds 1.06.
The cable slide stalls, but there is little evidence that the pair is forming a lasting low despite the same oversold conditions that have been in place for weeks. The 1.1941 Sep channel marks the next potential support layer. That is followed by a large cluster of levels in the 1.18-handles. Key medium-term resistance remains at 1.2456-1.2486.
USD/JPY confirmed a short-term trend reversal with the break below pattern support near 156.00. We think a mean-reversion has scope to support levels surrounding 153.00.
AUD/USD tries to form a base pattern near the 0.617 Oct 2022 low, but continues to bearishly trade within the confines of the Sep 2024 trend channel for now. Key resistance rests in 0.63-handles. A break above that would derail the bearish trend bias. Next support sits at 0.6015-0.605."