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

USD/JPY Tests New Highs As Traders Stay Focused On Rising Treasury Yields

USD/JPY is trying to settle above the 151.00 level as traders focus on rising Treasury yields. The yield of 2-year Treasuries moved above the 4.05% level, while the yield of 10-year Treasuries climbed above the 4.20% level. BoJ maintains its ultra-dovish policy, so rising Treasury yields serve as a material bearish catalyst for the Japanese yen.

If USD/JPY settles above the 151.00 level, it will move towards the next resistance level, which is located in the 153.00 – 153.50 range.

EUR/USD Gains Ground As Traders Wait For Comments From ECB President Lagarde

EUR/USD rebounds from multi-week lows as traders take some profits off the table after the strong move. Today, traders will also focus on the comments from ECB President Lagarde, which may have a material impact on market dynamics.

A move above the 1.0850 level will push EUR/USD towards the nearest resistance level at 1.0900 – 1.0915.

AUD/USD Is Moving Higher Amid Rising Demand For Commodity-Related Currencies

AUD/USD gained ground, supported by rising demand for commodity-related currencies. Gold and silver are moving towards new highs, providing additional support to the Australian dollar.

In case AUD/USD manages to settle back above the support level at 0.6675 – 0.6685, it will head towards the nearest resistance level, which is located in the 0.6750 – 0.6760 range.

NZD/USD Rebounds From Multi-Week Lows

NZD/USD has also managed to rebound from multi-week lows. Traders are taking some profits off the table after the strong pullback.

If NZD/USD climbs above the 50 MA at 0.6073, it will move towards the resistance level at 0.6140 – 0.6150. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in the case the right catalysts emerge.

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