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EUR/USD, GBP/USD, and AUD/USD await further dollar weakness

EUR/USD, GBP/USD, and AUD/USD are in consolidation-mode as we await another bout of dollar weakness.

​EUR/USD falls back into trendline support

EUR/USD has dropped back into a confluence of trendline and horizontal support following a rise into the $1.2243 peak from late February.

The ongoing uptrend seen over the course of the past two months provides expectations of further upside from this zone. Conversely, a break below the $1.2159 level would bring expectations of a wider retracement into the $1.2133-$1.2102 support zone.

GBP/USD consolidates below key support

GBP/USD has once again failed to break through the $1.422 resistance level today, with the pair remaining in consolidation mode below the key $1.4241 level.

A break up through that level does seem likely before long, yet we could see another bout of short-term weakness before then. In any case, the pair remains within a bullish trend unless the price breaks below the $1.40 handle.

AUD/USD falls back into trendline support

AUD/USD has been in consolidation mode over the course of the past six months, with the pair largely trading within the $0.7690-$0.7815 zone over that period.

With the price having dropped back into trendline support, there is a good chance we continue that consolidation by moving upwards today. With that in mind, a move higher looks likely today, with a break below the $0.7706 level required to end the latest trend of higher lows.


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