The AUDUSD pair had tried to build a base of support around the 0.78900 level after price moved above this area on the 14th of February. However, the level was breached from above yesterday and, after a protracted battle that saw the 4-hour moving averages used as resistance, the price dropped under the 0.78690 support level and is currently trading around 0.78566. Support can now be seen at 0.78430 and 0.78241. The falling channel bottom comes in at 0.78170, with the 0.78025 level below. Deeper support comes from 0.77771 and the lows of February at 0.77606.
Resistance is now found at the crucial 0.78900 level and a retest here will be of interest to traders going forward. The moving averages are clustered above this level, with the 100-period the highest at 0.79070. Should price break above this area, resistance is located at 0.79550, ahead of 0.80000. Further resistance comes in at 0.80347 and the January high of 0.81352.
The EURGBP pair has once again failed at resistance and remains inside its channel, as seen on the chart. There is quite a reluctance for the price to spend anything more than a few hours above the 0.89000 level, with only one daily close above this level since last November. This then remains the marker for traders to signal a sustained breakout. If the market can string together a break above the resistance and hold the 0.89000 level, then resistance at the descending trend line channel top can be tested with vigour.
Resistance at the blue trend line is located at 0.89015, with 0.89274 above. The 0.89550 is being strengthened by the channel top, with a break out here targeting 0.89816 and the 0.90000 level. A move to 0.90316 may see a constructive retest of support, which if successful would challenge resistance overhead at 0.90891, 0.91433 and 0.92018. The high for 2017 comes in at 0.93071. Support is found at the rising red trendline at 0.87754, followed by 0.87574 and 0.87162. Below these levels, there is support at 0.86901 and the red descending channel bottom at 0.86376.