EUR/USD, GBP/USD and AUD/USD on the rise once again
EUR/USD, GBP/USD and AUD/USD gain ground, but key resistance remains up ahead as the dollar weakens.
EUR/USD consolidates after recent rise
EUR/USD continues to consolidate above the $1.185 support level, with the pair seemingly taking a break after the rally seen in late-July.
There is a good chance that this is simply a pause before we head higher once more, and thus it makes sense to watch for a rally through $1.1893, to bring about a fresh bullish outlook for the index. To the downside, a break below $1.185 would bring a more bearish short-term picture.
GBP/USD on the rise from 76.4% Fibonacci support
GBP/USD has been slowly building momentum after a retracement into the 76.4% Fibonacci support level.
Yesterday’s initial rise failed to gain traction, yet we are pushing upwards once again today, in a bid to maintain the recent uptrend. With that in mind, a bullish outlook holds here, with a break below the $1.3843 swing-low required to negate that view.
AUD/USD rallies back into key resistance
AUD/USD has continued its ascent following, with a hawkish Reserve Bank of Australia (RBA) statement earlier in the week. That has taken us back into a confluence of trendline and Fibonacci 61.8% resistance, raising questions over whether we could see the price retrace lower once again.
With the stochastic into overbought territory, it makes sense to keep an eye out for a potential break back below the 80 thresholds as a signal that price is set for another move back towards trendline support. As such, keep an eye out for the reaction to this resistance level as a gauge of where we go from here.
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