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EUR/USD and GBP/USD on the rise as AUD/USD lags behind

EUR/USD and GBP/USD show potential for a bullish resurgence, while AUD/USD lags behind.

EUR/USD shows first signs of bullish phase

EUR/USD managed to rise through the $1.1831 resistance level yesterday, with the pair showing the first signs of a bullish phase after two months of downside. The very gradual nature of this sell-off has highlighted the potential for a breakout before long, yet we needed to see a push through resistance for that to come into play.

While $1.1831 is a notable level, a rise through $1.1851 would bring greater confidence that a bullish phase is coming into play. Nonetheless, with the intraday trend showing higher highs and higher lows, it makes sense to look at this with a more bullish view unless the price falls back below $1.177.

GBP/USD closes in on key resistance

GBP/USD has been on the rise over the course of the past week, with the pair pushing up through the 76.4% Fibonacci resistance level yesterday.

With pricing closing in on the key $1.391 swing high, a break through that level would bring a bullish reversal signal after two months of downside. As such, the ability to break up through $1.391 will be critical in determining sentiment as we move forward.

AUD/USD lags behind as it falls towards double top support

AUD/USD has failed to replicate the gains seen elsewhere, with the dollar dominating this pair once again this morning. A break through the $0.733 level would complete a double top formation, highlighting the potential for further downside from here.

As such, watch for a potential break below $0.733 to bring about a bearish continuation signal. Notably, the underperformace of the Australian dollar also brings attention to the fact that we could see strength for the likes of EUR/AUD and GBP/AUD in the day ahead.

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