EUR/USD, GBP/USD and AUD/USD start to regain ground
EUR/USD, GBP/USD and AUD/USD begin to regain ground after declines towards crucial breakdown levels.
EUR/USD continues the regain ground
EUR/USD has been on the rise since declining into a deep retracement which took us within touching distance of the crucial $1.1067 swing low.
A break below that level would have provided us with a bearish outlook in accordance with the long-term downtrend. However, the bullish trend evident over recent months remains intact for now, and the pair appears to be respecting it. As such, further upside looks likely unless we see a break below the $1.1104 support level.
GBP/USD regaining ground from trendline support
GBP/USD is on the rise following a decline into trendline support. Yesterday's decline in inflation did provide markets with yet another reason to look for a rate cut this month, yet we are still starting to see the pair rise once again over the past two days.
That being said, we would need to see a break through the $1.31 level to bring about a more bullish short-term outlook, with trendline resistance up ahead today. To the downside, we would need to see $1.2904 broken to negate the wider uptrend that has been playing out over the past three months.
AUD/USD pushing higher after recent declines
AUD/USD has similarly been turning higher after a deep retracement that came close to the crucial $0.6838 swing low.
Should we have broken that level, things would be looking more bearish. However, we are regaining ground now, and the recent pullback that has dominated this week appears to be over. Watch for a break through the $0.692 level to confirm this bullish break, yet it does look likely that we see further upside over the short term.
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