EUR/USD, GBP/USD, and AUD/USD on the rise after recent retracement
EUR/USD, GBP/USD and AUD/USD push higher after recent retracements, with further dollar weakness looking likely.
EUR/USD on the rise as pair attempts to break bearish trend
EUR/USD is on the rise following a sharp decline into the 61.8% Fibonacci support level. The wider downtrend seen since the turn of the year helped cause the latest decline despite a deep retracement last week.
That recent bearish trend does still remain in play until we break through the $1.2170-$1.2190 resistance zone. Thus while we could see further short-term upside, there is always risk of another leg lower given the recent trend.
GBP/USD continues to bring buying opportunities
GBP/USD has been on the rise once again, with the pair moving into the highest level since April 2018. That comes off the back of a 61.8% retracement and subsequent surge. With the stochastic rolling over, there is a chance we could see another retracement move before long.
However, such short-term downside simply provides us with further buying opportunities, with a break below the $1.3830 swing-low required to negate the current uptrend.
AUD/USD turns higher after latest retracement
AUD/USD has managed to break higher after a pullback into trendline support this week. The recent uptrend points towards further gains until we break from this trend of higher lows.
With that in mind, a bullish outlook holds unless $0.7724 breaks. To the upside, the $0.7820 provides a key resistance hurdle to overcome in a bid to continue the ongoing bullish phase.
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