EUR/USD, GBP/USD and AUD/USD rally towards key resistance levels
EUR/USD, GBP/USD and AUD/USD regain ground, yet major resistance levels remain unbroken up ahead.
EUR/USD rallies towards key resistance
EUR/USD has been on the rise over the course of the week, with the recent pullback into $1.0768 support bringing about another surge to continue the consolidation seen over the past two months. With the pair turning higher again this morning, it looks likely we will continue this short-term surge to bring the price back into the $1.0991-$1.1018 resistance zone.
From there, we are likely to see the pair start to turn lower once more, with a break back below the prior swing low providing a bearish signal. Until then, it looks bullish for the short term, with the reaction to this upcoming resistance zone likely to prove key.
GBP/USD starts to roll over following period of upside
GBP/USD upside looks to already be coming under pressure, with the price breaking below the overnight low of $1.2234. A break below $1.2184 would add greater confidence to this bearish move, yet the wider trend does look to signal that this current rally is a retracement and likely precursor to further downside.
There is a chance we could see further upside to provide a deeper retracement, yet the roll over in the stochastic does highlight a bearish shift in momentum that could provide short-term downside.
AUD/USD rebounds into key resistance level
AUD/USD gains have taken us into the $0.657 resistance level, bringing about a brief two-month high for the pair. With such an important resistance level in play, the ability to break through this point will determine the direction for the day.
Above this zone, we are looking towards the $0.6685 resistance level as the next notable level to overcome. Meanwhile, to the downside, a break below $0.6403 would bring about a bearish reversal signal.
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