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

USD/JPY Remains Under Pressure Amid Profit-Taking

USD/JPY is slowly moving lower as traders continue to take profits off the table after the strong rally. Treasury yields pulled back from recent highs, which was bearish for the American currency.

If USD/JPY settles below the 147.50 level, it will head towards the nearest support, which is located in the 146.00 – 146.50 range.

EUR/USD Gains Ground As Germany’s Industrial Production Beats Estimates

EUR/USD gained some ground as traders reacted to the better-than-expected Industrial Production report from Germany. The report indicated that Industrial Production increased by 2.9% month-over-month in August, compared to analyst consensus of +0.8%.

The nearest resistance level for EUR/USD is located in the 1.1000 – 1.1015 range. A move above the 1.1015 level will push EUR/USD towards the 50 MA at 1.1073.

AUD/USD Pulls Back As Traders Focus On RBA Meeting Minutes

AUD/USD tests new lows as traders react to RBA meeting minutes, which showed that Australia’s central bank discussed various scenarios which included raises and cuts. Today, traders also focused on the Westpac Consumer Confidence Index report, which indicated that Consumer Confidence increased from 84.6 in September to 89.8 in October, compared to analyst consensus of 84.3. NAB Business Confidence improved from -5 in August to -2 in September, while analysts expected that it would increase to +2.

AUD/USD has recently settled below the support at 0.6750 – 0.6760 and is moving towards the next support level at 0.6675 – 0.6685. RSI is in the oversold territory, so the risks of a rebound are increasing.

NZD/USD Is Mostly Flat As Traders Are Cautious Ahead Of RBNZ Decision

NZD/USD is swinging between gains and losses as traders are cautious ahead of RBNZ Interest Rate Decision, which will be released tomorrow.

A move below the 0.6100 level will push NZD/USD towards the next support level at 0.6050 – 0.6060.

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