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

USD/JPY Pulls Back From Recent Highs

USD/JPY moved away from recent highs as traders remained focused on the aggressive rate cut from the Fed. The market sentiment is bearish for the U.S. dollar, and USD/JPY has a decent chance to settle back below the support level at 141.80 – 142.50.

In case USD/JPY declines below the 141.80 level, it will head towards the next support at 138.50 – 139.00. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

EUR/USD Gains Ground After Fed Decision

EUR/USD continues its attempts to settle above the resistance at 1.1110 – 1.1135 after the release of Fed decision. Trading was choppy in recent hours as traders evaluated the changes in Fed economic projections. The central bank signaled that it was ready to cut rates aggressively, which is bearish for the American currency.

A successful test of the resistance at 1.1110 – 1.1135 will push EUR/USD towards the resistance level at 1.1185 – 1.1200.

AUD/USD Tests Resistance At 0.6815 – 0.6825

AUD/USD tests new highs as traders focus on the strong rally in commodity markets. Today, traders also had a chance to take a look at the Unemployment Rate report from Australia. The report indicated that Unemployment Rate remained unchanged at 4.2% in August, in line with analyst consensus.

A move above the resistance at 0.6815 – 0.6825 will open the way to the test of the next resistance level at 0.6890 – 0.6900.

NZD/USD Moves Higher As GDP Growth Rate Beats Estimates

NZD/USD moved higher after the release of New Zealand’s GDP Growth Rate report. The report showed that the second-quarter GDP Growth Rate was -0.2%, compared to analyst forecast of -0.4%.

In case NZD/USD manages to settle above the resistance at 0.6235 – 0.6250, it will move towards the next resistance level at 0.6360 – 0.6370.

For a look at all of today’s economic events, check out our economic calendar.