EUR/USD, GBP/USD and AUD/USD reversing higher after recent declines
EUR/USD, GBP/USD and AUD/USD start to turn higher, with bullish trends in play despite recent pullback into support.
EUR/USD drops into 76.4% Fibonacci support
EUR/USD has declined as traders head for traditional havens given yesterday's sharp declines in global indices. Whether the dollar is a good haven right now given the risk of a second wave in the US remains to be seen.
With that in mind, there is a chance we could see this pair move higher once again in line with the recent bullish trend. A decline below the $1.1241 level would bring about a bearish view, but the bullish outlook remains in play until that happens. Given the respect of the 76.4% Fibonacci support level at $1.1284, watch for a potential bullish move upwards from here.
GBP/USD starts to rise after sharp declines
GBP/USD is starting to move higher this morning despite some pretty shocking UK data for April. Once again, we are looking at a potential rise from Fibonacci support, with the price having run marginally below the 76.4% level at $1.2574.
There is a chance of strength from here as we look for a continuation of this recent bullish trend. A break below the $1.25 level would be required to negate that bullish trend.
AUD/USD turning higher from trendline support
AUD/USD has similarly started to move higher, following a sharp decline into trendline support. The bullish trend is well established here, and that looks likely to persist following a recent losses.
Interestingly, we have seen another rare breakdown into oversold territory, with the break back up through 20 providing us with a buy signal that has proven relatively successful last month. As such, a bullish outlook is in play here, with a decline back below trendline support needed to provide a more neutral outlook.
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