Global Currency Markets: EUR/USD and AUD/USD Face Technical Shifts

Major currency pairs are experiencing significant technical shifts. The EUR/USD remains in a bearish market structure, trading within a descending channel with persistent lower highs and lows. While some indicators suggest potential buying interest or short-term recovery toward resistance levels near 1.1230–1.1260, the broader trend remains under pressure with key support identified around 1.1120–1.1140.

In contrast, the AUD/USD is showing signs of a bullish breakout attempt. The pair has recorded its highest close in October, trading above 0.7004. This momentum is supported by hawkish signals from Reserve Bank of Australia officials, which has increased market pricing for a potential November rate hike from 22% to 42%. Technical oscillators, including the RSI and MACD, currently support an upside move toward targets such as 0.7040 and the 200-day moving average.

Broadly, the US dollar has shown mixed performance, weakening against most major currencies including the Canadian dollar, Swiss franc, and British pound, while remaining relatively stable against the euro.