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EUR/USD and AUD/USD looking to break higher as GBP/USD moves back to $1.42

Dollar weakness following US CPI has allowed euro, sterling and Aussie to make headway over the past 24 hours.

EUR/USD resumes its move higher

Dollar weakness has given EUR/USD the strength to push back towards $1.22, with a move above here marking a break higher that could put $1.2254 back into view.

The bearish view has been cancelled out for now following the recovery above $1.215.

GBP/USD back at $1.42

GBP/USD rallied from the $1.41 support zone and is heading back to the $1.42 resistance zone.

This leaves it very much in the position it has held for almost two weeks, with no clear sign yet as to where the next big move will go, either breaking above $1.42 or back below $1.41.

AUD/USD breaks trendline resistance

After registering a lower high earlier the week, AUD/USD has begun to edge up, and indeed has managed to break above trendline resistance.

This might suggest that the run of lower highs has ended and that a break above $0.777 is now in play. This would create a bullish view for the pair after a month of declines. Sellers will want to push the price back below $0.772 to open the way to more losses.

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