EUR/USD, GBP/USD and AUD/USD rebound after recent losses
EUR/USD, GBP/USD, and AUD/USD rally out of recent declines, but will those gains prove fleeting?
EUR/USD declines likely to be precursor to further upside
EUR/USD has started to roll over this morning, following a rally into the 200-hour simple moving average (SMA).
While this could point towards short-term downside, it looks likely we have bottomed out given the recent break through $1.1858 resistance. As such, short-term declines could provide a buying opportunity, with a break back below the $1.1789 level required to negate that outlook.
GBP/USD consolidating within short-term downtrend
GBP/USD has been on the decline since Tuesday's peak, with the price taking back some of the gains seen throughout recent weeks. However, the price appears to have stopped in its tracks over the past 24 hours, with the consolidation continuing into this morning.
As things stand, we have not seen any notable bullish signals, with a break through the $1.3358 level required to bring about such a move. Until then, we could be looking at a mid-trend consolidation, with a break back below $1.3242 providing a bearish continuation signal.
AUD/USD breaking through channel resistance
AUD/USD is on the rise this morning, following a period of downside throughout much of the week. With the price pushing through channel resistance, there is a chance we could be looking at the beginning of another bullish phase.
However, we would need to see a break through levels such as $0.7311 and $0.734 to bring a more confidence bullish view into play.
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