EUR/USD, GBP/USD and AUD/USD rise towards key resistance
EUR/USD, GBP/USD and AUD/USD rise towards key resistance, as the dollar comes under pressure.
EUR/USD pushing higher as consolidation phase continues
EUR/USD managed to reverse higher once again last week, continuing the consolidation phase that has been in play for a month now. With the price rising back into the $1.1302 resistance level, there is a chance we could see another short-term pullback as we continue the trend upwards towards the $1.1353 resistance level.
That level looks like a sensible target for this short-term rise, with the price ultimately needing to break through that key resistance level to bring about a more sustainable bullish bias. To the downside, we would need a break through $1.1219 to signal another return to $1.1168-$1.1185 resistance.
GBP/USD rises towards key resistance level
GBP/USD has seen significant upside over the past week, with the pair rallying from 76.4% Fibonacci support to move within touching distance of the crucial $1.2543 swing high.
A break through that level would bring a more bullish wider picture into play, negating the downtrend seen throughout the final three weeks of June. With the price turning higher after a pullback on Thursday, the big question is whether we are going to see the $1.2543 level broken or not. The answer to that question will dictate where we go from here.
AUD/USD rallies into key resistance
AUD/USD has similarly been on the rise, with the price rising back into the crucial $0.6975 resistance level. A break through this point would signal a potential continuation of the wider bullish trend.
However, this is also the level which has twice been the source of a bearish turn. As such, the outlook for the day will be determined by whether we see the pair break through or reverse lower from this $0.6975 threshold.
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