GBP continues to make gains on crosses; EUR/USD set to test 1.3425

  • On technical side, EUR/AUD held important support at 1.4450 and bounced almost 200 pips;
  • USD/JPY is stuck in neutral at 97.60 with several conflicting forces at play;
  • Cable refuses to drop and the GBP was the strongest of the majors again overnight;
  • AUD/USD should continue to trade between .90/.93 pre-general election but it looks like we may get a downside test;
  • EUR/USD has also been quite resilient and a test of important medium-term resistance levels near 1.3425 looks likely.

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