EUR/USD, GBP/USD and AUD/USD at risk despite recent rebound
EUR/USD, GBP/USD and AUD/USD on the rise, yet recent downtrend points towards another bearish turn before long.
EUR/USD rallies into Fibonacci resistance
EUR/USD has started to ease back after a rally into the confluence of 76.4% Fibonacci and 100-day simple moving average (SMA) resistance.
The ongoing trend of lower highs provides expectations of another move lower from here. A break up through the $1.1804 resistance level would be required to bring a more neutral outlook, with another move lower looking likely until then.
GBP/USD starts to roll over after recent rebound
GBP/USD has been regaining ground of late, with the pair moving higher after establishing a new one-month low on Friday.
A rise up through the $1.3786 level and trendline resistance would bring a more optimistic outlook. However, until that break occurs, there is a good chance we see another move lower to challenge the key $1.3566 support level once again.
AUD/USD recovery unlikely to last
AUD/USD has enjoyed a strong recovery over the course of the week thus far, with the pair rising back towards the 61.8% Fibonacci resistance level yesterday.
However, the wider downtrend still remains intact unless the price rises through the 0.7381 resistance level. With that in mind, a bearish outlook holds, with the upcoming Fibonacci resistance zone — at $0.7276 to $0.7316 — providing a key area where we could see the price roll over once again.
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