Dollar sell-off continues, with EUR/USD, GBP/USD, and AUD/USD on the rise
EUR/USD, GBP/USD, and AUD/USD look set for further upside, as the dollar continues to ease back.
EUR/USD uptrend intact despite pullback
EUR/USD has been losing ground in early trade today, seemingly posting a short-term retracement move for now.
With the pair continuing to create higher highs and lows, there is ground for further upside despite this current pullback. With that in mind, a bullish outlook remains in play unless we see a break below the $1.0953 support level.
GBP/USD eases back within uptrend
The GBP/USD uptrend remains intact despite early losses today, with the current weakness looking like a potential buying opportunity.
With that in mind, any short-term downside is likely to be a precursor to further gains, with a break below $1.2145 required to negate this bullish outlook.
AUD/USD likely to resume bullish trend before long
Once again, we are looking at a counter-trend pullback here, with AUD/USD weakness looking unlikely to last.
A break below the $0.6023 level would bring about a more bearish outlook, yet the shallow nature of this move lower highlights the strong possibility that this pullback is a precursor to another leg higher before long.
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