Forex News
United Overseas Bank's (UOB) Quek Ser Leang and Lee Sue Ann turn more negative on AUD/USD after a sharp sell-off toward 0.7140. They now sees a real chance of testing and breaking the major 0.7100 support, with 0.7065 as the next downside level. Any recovery is expected to be limited below 0.7170, while 0.7205 is flagged as strong resistance on a multi-day horizon.
Australian Dollar under accelerating downside pressure
"24-HOUR VIEW: While we indicated last Friday that AUD “could dip below 0.7200,” we highlighted that “based on the current momentum, the major support at 0.7175 is likely out of reach.” We did not expect the downward acceleration as AUD plunged to a low of 0.7140. AUD continued to drop in the early Asian trade today, and there is a chance for AUD to test the major support at 0.7100. On the upside, any recovery is likely to hold below 0.7170 (with minor resistance at 0.7155)."
"1-3 WEEKS VIEW: We revised our AUD view to negative last Friday (15 May, spot at 0.7215). We indicated that “the rapid build-up in downward momentum suggests AUD is likely to trade with a downside bias toward 0.7175.” We underestimated the build-up in momentum, as AUD staged a sharp sell-off that sent it to a low of 0.7140. The rapid increase in downward momentum suggests AUD is likely to break the major support at 0.7100. The next support below 0.7100 is at 0.7065. To sustain the momentum build-up, AUD must hold below 0.7205 (‘strong resistance’ level was at 0.7260 last Friday). On a short-term note, 0.7170 is already a firm resistance level"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- Gold flatlines above $4,500 after a four-day decline from $4,770.
- Renewed hopes of advances in the US-Iran peace process are weighing on the US Dollar.
- The high US Treasury yields are keeping precious metals subdued.
Gold (XAU/USD) is trading flat above $4,500 on Monday, stabilising after a four-day sell-off from $4,770. Investors await developments in the Middle East conflict as a spokesperson for the Iranian Foreign Ministry affirmed earlier on the day that the US-Iran talks are ongoing.
An Iranian official lifted market sentiment on Monday, stating that Washington and Tehran are analysing a recent peace proposal. The same source added on local media that Iranian and Omani technical teams were discussing options to restore safe transit through the Strait of Hormuz.
Precious metals, however, remain weighed down by a global bond rout, amid high Oil prices. The US 10-year yields are trading at one-year highs at 4.60%, as fast-rising inflation, coupled with the solid economic data recently released, has boosted hopes of Federal Reserve (Fed) rate hikes in late 2026 or early 2027.
Technical Analysis: Gold remains under pressure
XAU/USD retains a bearish near-term bias following a nearly 4% decline last week. The 4-hour Relative Strength Index (RSI) remains in oversold levels, which explains Monday's consolidating tone, but the negative Moving Average Convergence Divergence (MACD) hints at a slowing downside momentum rather than a clear reversal as red histogram bars contract.
Initial support lies at the $4,500 area (May 4, 18 lows). A confirmation below here would renew bearish momentum, increasing pressure towards the March 26 low at the $4,350 area.
Upside attempts, on the contrary, remain capped below the $4,560 area on Monday, although the first relevant resistance area comes at previous lows around $4,640, ahead of May 7 and 12 highs at the mentioned $4,770.
(The technical analysis of this story was written with the help of an AI tool.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
- AUD/USD turns flat at around 0.7150 after recovering from early losses.
- The US Dollar comes under pressure on hopes of a sooner US-Iran deal.
- Investors await the RBA and the FOMC monetary policy meeting minutes.
The AUD/USD pair trades flat around 0.7150 during the European trading session on Monday after recovering significant early losses. The Aussie pair bounces back as the US Dollar (USD) turns upside down on renewed hopes that the United States (US) and Iran will reach a deal soon.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally lower to near 99.20. The USD Index fell to 99.15 from its intraday high of 99.40.
During the day, a spokesperson from the Iranian foreign ministry said, “Iran is focused on ending the war at this stage,” while confirming that negotiations through Pakistan are still going on.
US President Donald Trump also stated, in an interview with Fortune, “I can tell you one thing—they [Iran]’re dying to sign [a deal].”
Going forward, investors will focus on the Reserve Bank of Australia (RBA) and the Federal Open Market Committee (FOMC) monetary policy meeting minutes, which will be released on Tuesday and Wednesday, respectively.
AUD/USD technical analysis
AUD/USD trades almost flat at around 0.7150 as of writing. The price holds just under the 20-day Exponential Moving Average (EMA) at 0.7180, which now acts as near-term resistance and hints at a mildly capped tone. The pair still trades well above the prior uptrend support break level around 0.6992, keeping the broader advance technically intact, while the Relative Strength Index (RSI) at 48 leans slightly lower and suggests fading bullish momentum rather than outright selling pressure.
On the topside, immediate resistance is located at the 20-day EMA near 0.7180; a daily close above this barrier would ease current pressure and reopen the path toward the recent highs. Looking down, the pair could resume its downfall towards 0.7100 if it fails to hold the intraday low at 0.7118. A downside move below 0.7118 would export the price towards the upward-sloping trendline around 0.7000.
(The technical analysis of this story was written with the help of an AI tool.)
Economic Indicator
RBA Meeting Minutes
The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.
Read more.Next release: Tue May 19, 2026 01:30
Frequency: Weekly
Consensus: -
Previous: -
Source: Reserve Bank of Australia
The Reserve Bank of Australia (RBA) publishes the minutes of its monetary policy meeting two weeks after the interest rate decision is announced. It provides a detailed record of the discussions held between the RBA’s board members on monetary policy and economic conditions that influenced their decision on adjusting interest rates and/or bond buys, significantly impacting the AUD. The minutes also reveal considerations on international economic developments and the exchange rate value.
Deutsche Bank’s Sanjay Raja expects the United Kingdom (UK) labour market to remain weak after a surprise drop in the jobless rate driven by self-employment. Raja forecasts the unemployment rate to hold at 4.9%, with elevated redundancies, softer employment intentions following the Iran conflict, and only a small decline in vacancies, pointing to a sluggish overall jobs picture.
Jobs data seen staying under pressure
"After a shock drop in the jobless rate — owing to a historic rise in self-employment — we expect things to continue as they were before: on a weaker footing."
"Indeed, the Iran energy shock has likely resulted in stalled hiring plans, with firms continuing to adjust pay growth in response."
"On the quantities side of the labour market, we expect the jobless rate to stay put at 4.9%."
"Our models continue to point to elevated redundancies – as measured by the LFS (with gross redundancies tracking between 110k and 155k)."
"Survey data too remain weak, with employment intentions falling back on news of the Iran conflict."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
According to the International Monetary Fund (IMF) staff, the Bank of England (BoE) doesn’t need to raise rates this year, based on the current energy price outlook.
Additional comments
IMF staff see UK GDP growth in 2026 at +1.0% vs April estimate of +0.8%.
Expect UK inflation to peak at just below 4% at end-2026, return to 2% target by end-2027.
UK government must stay course on deficit reduction, given market pressures and greater implementation risks.
UK should ensure the cumulative impact of financial services regulatory changes does not weaken resilience.
Market reaction
No impact seen in the British Pound (GBP) after the IMF suggestions. As of writing, GBP/USD trades 0.23% higher to near 1.3355 after recovering early losses.
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
TD Securities strategists judge China’s April data as weak, citing higher Oil prices and soft consumer sentiment. They expect targeted fiscal stimulus focused on infrastructure and see the PBoC remaining cautious on easing. They say today’s data may unsettle CNY bulls but anticipate the central bank will defend 6.8 in USD/CNY, potentially by raising the FX Reserve Requirement Ratio (RRR) to 6%.
Weak data but policy support expected
"China's April economic data was uninspiring, reflecting both the impact of higher oil prices on output and weak consumer sentiment."
"High oil prices are straining traditional Chinese industries, especially chemicals, while high-tech sectors like communication equipment and pharmaceuticals continue to grow and offset some of the negative impact."
"Consumer sentiment remains weak, reflected in sluggish consumer goods sales and declines in discretionary spending, though upcoming events like the "618 festival" and the trade-in program subsidies may offer temporary support."
"We expect targeted fiscal stimulus from Beijing, especially on infrastructure investment rather than large-scale measures. The PBoC is also likely to remain more cautious on monetary easing. The poor April economic report card may spur China to quickly work out the details for the Board of Trade to boost exports in the latter part of the year."
"Today's economic data may unsettle CNY bulls, but renewed stimulus discussions offer hope. We expect the PBoC to defend the 6.8 level for now, possibly raising the FX RRR to 6% as the pace of USD/CNY gains stands in contrast to the weakness in other USD-Asia FX pairs."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
DBS Group Research economist Philip Wee argues that recent US Dollar (USD) resilience reflects higher-for-longer US yields rather than genuine fundamental strength. He links rising US Treasury yields to concerns over long-term inflation expectations, fiscal funding pressures, and geopolitical tensions around the Strait of Hormuz. Wee highlights potential back-channel diplomacy with Iran and evolving US-China trade tactics as key to easing inflation and funding risks.
Yield support hides Dollar vulnerabilities
"Last week, the US Treasury 10Y and 30Y yields rose above 4.50% and 5.00%, respectively, warning of a de-anchoring of long-term inflation expectations."
"Since Operation Epic Fury began, the futures market has shifted from pricing Fed cuts this year to a rate hike in late 2026."
"While the USD looks buoyed by the higher-for-longer yield advantage, this strength masks underlying structural vulnerabilities."
"Warsh's stated desire to shrink the Fed’s balance sheet clashes with the Treasury’s need to issue debt to cover the fiscal deficit, now pressured by the US Supreme Court and trade courts’ rulings against Trump’s global tariffs, and by the additional defence bill for the Iran conflict."
"Backed by the imminent risk of a wave of non-OPEC supply hitting the market as alternative oil routes solidify, the administration is attempting to convince bond markets that the current inflationary pulse is transitory, buying the Treasury the breathing room it needs to navigate its structural funding dilemma."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- The Australian Dollar is under pressure after Chinese economic indicators missed expectations.
- The Japanese Yen remains pressured by rising energy prices and fiscal concerns in Japan.
- MUFG says fundamental factors continue to favor further Japanese Yen weakness.
AUD/JPY trades around 113.65 on Monday at the time of writing, up 0.16% on the day. The pair rebounds as persistent weakness in the Japanese Yen (JPY) supports the cross, despite disappointing economic data from China limiting gains for the Australian Dollar (AUD).
The latest Chinese data renewed concerns about the growth momentum of the world’s second-largest economy, a negative factor for the Australian Dollar (AUD) given Australia’s close trade ties with China. China’s Retail Sales rose only 0.2% YoY in April, against expectations of 2% and 1.7% previously. Industrial Production also slowed to 4.1% YoY, below the 5.9% forecast, while Fixed Asset Investment fell 1.6% YoY, compared with expectations for a 1.6% increase.
Despite this backdrop, the Japanese Yen (JPY) remains under pressure against risk-sensitive currencies. Higher Oil prices continue to weigh on the Japanese currency, as Japanese energy importers are forced to sell large amounts of JPY to purchase the US Dollars (USD) needed to pay higher energy bills.
Fiscal concerns in Japan are also adding pressure on the Japanese Yen. According to Reuters, the Japanese government is considering issuing fresh debt to finance an additional budget. This prospect contributed to rising Japanese Bond yields and further weakness in the JPY.
MUFG noted that the combination of higher US yields, the selloff in Japanese Government Bonds (JGB) and new debt issuance continues to favor Japanese Yen weakness. The bank also believes these factors could increase the risk of intervention by Japanese authorities if USD/JPY approaches the 160.00 level again.
Meanwhile, Japanese authorities continue to closely monitor market developments. Japan’s Chief Cabinet Secretary Seiji Kihara said on Monday that the administration is watching market moves, including long-term rates, with “a very high sense of urgency,” while refusing to comment on possible intervention in the foreign exchange market.
Expectations for monetary tightening by the Bank of Japan (BoJ) are nevertheless partially limiting Japanese Yen losses. BoJ board member Kazuyuki Masu recently called for a swift interest rate hike, arguing that inflation risks linked to the war and higher energy prices are becoming more persistent.
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.06% | -0.21% | 0.08% | -0.06% | -0.05% | -0.28% | -0.12% | |
| EUR | 0.06% | -0.17% | 0.17% | -0.01% | -0.01% | -0.23% | -0.08% | |
| GBP | 0.21% | 0.17% | 0.32% | 0.15% | 0.17% | -0.06% | 0.09% | |
| JPY | -0.08% | -0.17% | -0.32% | -0.19% | -0.16% | -0.41% | -0.24% | |
| CAD | 0.06% | 0.01% | -0.15% | 0.19% | 0.02% | -0.21% | -0.06% | |
| AUD | 0.05% | 0.01% | -0.17% | 0.16% | -0.02% | -0.22% | -0.04% | |
| NZD | 0.28% | 0.23% | 0.06% | 0.41% | 0.21% | 0.22% | 0.16% | |
| CHF | 0.12% | 0.08% | -0.09% | 0.24% | 0.06% | 0.04% | -0.16% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
- The Indian Rupee declines further against the US Dollar as oil prices extend their rally.
- FIIs turned out to be net buyers in the Indian stock market in the last two trading days.
- Traders expect the Fed to deliver at least one interest rate hike this year.
The Indian Rupee (INR) extends its over-a-week-long downfall against the US Dollar (USD) at the start of the week. The USD/INR pair explores the uncharted territory and posts a fresh all-time high at 96.33, as a fresh upside move in oil prices has weakened the Indian Rupee further.
As of writing, the WTI Oil price is up almost 1.66% to near $102.60. Currencies from economies, such as India, which rely heavily on oil imports to meet their energy needs, tend to underperform in a high-oil-price environment.
Fears of US-Iran war resumption boost oil prices
Over the weekend, United States (US) President Donald Trump threatened consequences against Iran, through a post on Truth Social, if the nation fails to reach a deal soon.
“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Trump wrote.
Negotiations between the US and Iran were stalled before US President Trump’s visit to Beijing, as Trump dismissed Tehran’s counterdemands, calling them “totally unacceptable”. In response, Iran's foreign ministry spokesperson Esmaeil Baghaei said that the proposal to the US was not “excessive”, and Washington continues to have “unreasonable demands”.
Meanwhile, a report from the New York Times (NYT) has shown that the US and Israel are preparing for coordinated attacks against Iran as soon as next week, according to The Times of Israel.
FIIs increase stake in Indian stock market in last two trading days
According to the data published on the NSE, Foreign Institutional Investors (FIIs) remained net buyers in the Indian stock market for the second straight trading day on Friday. Overseas investors infused an investment worth Rs. 1,329.17 crore on Friday. On Thursday, FIIs poured investment worth Rs. 187.46 crore.
Though there seems to be a slight improvement in FIIs’ sentiment towards the Indian equity market, the overall sentiment is still uncertain amid concerns over India Inc.’s earnings projections due to higher oil prices.
Before Thursday, FIIs remained net sellers for seven trading days in a row, and the average selling was Rs. 4,144.01 crore.
FOMC minutes come under spotlight
This week, Investors will pay close attention to the Federal Open Market Committee (FOMC) minutes of the April policy meeting, which will be published on Wednesday. The FOMC minutes will provide fresh cues regarding the Federal Reserve's (Fed) monetary policy outlook.
According to the CME FedWatch tool, the odds of the Fed delivering at least one interest rate hike this year are 53.7%, while the rest favor the central bank maintaining the status quo. This is a sharp turnaround from two interest rate cuts anticipated before the onset of the war.
Traders have priced out dovish Fed bets as oil prices have pushed the US inflation higher. The US Consumer Price Index (CPI) data showed last week that the headline inflation accelerated to 3.8% Year-on-Year (YoY) in April from 3.3% in March.
Technical Analysis: USD/INR remains above key 20-day EMA
USD/INR jumps to near 96.33 at the start of the week. The pair maintains a clear bullish near-term bias, as it holds well above the 20-day Exponential Moving Average (EMA) at 94.93.
The strong advance has pushed the 14-day Relative Strength Index close to the overbought band near 69, suggesting firm upward momentum, though the steep run-up hints that upside could become more constrained if buyers lose intensity.
On the downside, immediate support is 96.00, with a deeper corrective floor emerging at the 20-day EMA around 94.93, where trend-following demand is likely to reappear on dips. As long as USD/INR defends these supports on closing bases, the broader bullish structure remains intact despite growing risks of consolidation after the recent sharp climb. Looking up, the pair could extend its advance towards 97.00.
(The technical analysis of this story was written with the help of an AI tool.)
Indian economy FAQs
The Indian economy has averaged a growth rate of 6.13% between 2006 and 2023, which makes it one of the fastest growing in the world. India’s high growth has attracted a lot of foreign investment. This includes Foreign Direct Investment (FDI) into physical projects and Foreign Indirect Investment (FII) by foreign funds into Indian financial markets. The greater the level of investment, the higher the demand for the Rupee (INR). Fluctuations in Dollar-demand from Indian importers also impact INR.
India has to import a great deal of its Oil and gasoline so the price of Oil can have a direct impact on the Rupee. Oil is mostly traded in US Dollars (USD) on international markets so if the price of Oil rises, aggregate demand for USD increases and Indian importers have to sell more Rupees to meet that demand, which is depreciative for the Rupee.
Inflation has a complex effect on the Rupee. Ultimately it indicates an increase in money supply which reduces the Rupee’s overall value. Yet if it rises above the Reserve Bank of India’s (RBI) 4% target, the RBI will raise interest rates to bring it down by reducing credit. Higher interest rates, especially real rates (the difference between interest rates and inflation) strengthen the Rupee. They make India a more profitable place for international investors to park their money. A fall in inflation can be supportive of the Rupee. At the same time lower interest rates can have a depreciatory effect on the Rupee.
India has run a trade deficit for most of its recent history, indicating its imports outweigh its exports. Since the majority of international trade takes place in US Dollars, there are times – due to seasonal demand or order glut – where the high volume of imports leads to significant US Dollar- demand. During these periods the Rupee can weaken as it is heavily sold to meet the demand for Dollars. When markets experience increased volatility, the demand for US Dollars can also shoot up with a similarly negative effect on the Rupee.
- EUR/USD pares some losses on Monday, but remains capped below 1.1650.
- Cautious markets amid high Oil prices are keeping Euro bulls subdued.
- Analysts at UOB Bank see the pair's decline extending to 1.1570.
The Euro (EUR) is ticking higher against the US Dollar (USD) on Monday, but remains below previous lows, now turned into resistance in the 1.1650-1.1670 area, after bouncing from near 1.1600 earlier in the day. The pair is shrugging off the dismal market sentiment, although high Oil prices are likely to keep upside attempts in check.
Comments by a spokesperson of the Iranian Foreign Ministry affirming that Washington and Tehran would be analysing a recent peace proposal sent by Pakistani mediators, lifted market sentiment on Monday and hurt demand for the safe-haven US Dollar. The same source also affirmed that Iranian and Omani technical teams discussed options to restore safe passage through Hormuz last week, which pushed Oil prices down from recent highs, providing some support for the Euro.
Previously, US President Donald Trump had warned that “the clock is ticking” on Tehran, after meeting its national security team and speaking with Israeli Prime Minister Benjamin Netanyahu to discuss options in Iran.
Analysts at UOB bank expect the pair to remain vulnerable, aiming for the 1.1570 area: "While the decline is oversold, strong downward momentum continues to suggest downside risk for EUR. From here, a clear break below 1.1600 will shift the focus to 1.1570. We will maintain our negative EUR view as long as it holds below the ‘strong resistance’ at 1.1685.”
Technical Analysis: A dead cat's bounce for the Euro
The EUR/USD is ticking up on Monday but maintains a bearish near-term tone with price holding below a dense band of horizontal resistance clustered between 1.1650 and 1.1675. The 4-hour Moving Average Convergence Divergence (MACD) remains in negative territory, hinting that downside pressure persists, while the Relative Strength Index (RSI) has bounced from deeply oversold readings, suggesting that sellers remain in control.
Upside attempts are likely to find resistance in the mentioned area above 1.1660, which held bears in April. Bulls would need to breach that area to ease negative pressure and aim for the May 14 high and May 8 and 12 lows in the area of 1.1720
On the downside, initial support emerges at session lows near 1.1610. Further down, there is no clear support before the early April lows between 1.1505 and 1.1525.
(The technical analysis of this story was written with the help of an AI tool.)
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