EUR/USD, GBP/USD and AUD/USD head lower on stronger dollar
EUR/USD, GBP/USD, and AUD/USD head lower, as traders continue to favour the dollar in the face of major uncertainty.
EUR/USD continues its decline, as we head towards key support
EUR/USD has continued to drive lower as we head into a historical week, with the pair approaching the September support level of $1.1612.
A break below that level provides another wider bearish signal for the pair. However, for now it makes sense to focus on the short-term bearish pattern as a guide. With that in mind, a bearish outlook holds unless we break through the $1.1704 swing high.
GBP/USD drops into key support after deep retracement
GBP/USD has slumped into the critical $1.2861 support level, bringing a potential end to the uptrend that has played out for over a month now.
The 61.8% Fibonacci resistance level at $1.3174 ultimately appears to have proven too much in the end. As such, the ability or inability to break through this $1.2861 support level will be key in determining the outlook for the forthcoming period.
AUD/USD drops into three-month low
AUD/USD has dropped back into and below the $0.7005 support level, bringing about a fresh three-month low for the pair.
This looks to kick off another period of weakness, with the creation of lower highs expected to drive further downside. As such, a bearish outlook holds here, with a rise through the latest swing high of $0.7072 required to signal a wider retracement coming into play. Until then, further downside looks likely from here.
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