EUR/USD, GBP/USD and AUD/USD likely to drift lower
EUR/USD, GBP/USD and AUD/USD look set for further downside after recent period of weakness.
EUR/USD continues to decline after double top formation
EUR/USD has been on the slide throughout November thus far, with the pair completing a double top formation in the process.
That decline looks likely to persist until we see otherwise, and thus the consolidation we have seen overnight is likely to resolve with another leg lower. A break through the $1.1043 swing high would be required to negate this bearish short-term outlook.
GBP/USD likely to drift lower despite short-term gains
GBP/USD has been on the rise this week, following on from a period of weakness seen in the first week of November.
However, this rebound looks likely to be a short-term phenomenon before we drift lower once more to continue the trend of the past month. A break through $1.2976 would be required to bring about a wider bullish picture for the pair. Until then, the bears look likely to return before long.
AUD/USD moving lower from trendline confluence
AUD/USD has been on the slide since rallying into a confluence of trendline resistance around the turn of the month.
These declines are likely to persist for now, yet the extended nature of this decline does point towards some sort of upward retracement coming into play at some point. With that in mind, further downside looks likely, unless we see a break through the near-term resistance level of $0.6857.
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