FX levels to watch: EUR/USD, GBP/USD and AUD/USD
EUR/USD, GBP/USD, and AUD/USD all look primed for a potential pullback. However, with wider bullish themes in play, further upside could be around the corner.
EUR/USD breakout lays ground for bullish phase
EUR/USD has managed to break through the $1.1341 resistance level overnight, helping provide confirmation of a likely short-term resurgence from here. This points towards upside to come from here, with another wider retracement coming into play.
A break through the $1.1357 peak seen overnight would provide confidence that the bullish push upwards is set to occur imminently. Otherwise, there is still a chance of a retracement lower before we turn higher once more. A break below $1.1275 would be required to negate the current bullish outlook.
GBP/USD turning lower after sharp rally
GBP/USD is starting to weaken after a sharp rally yesterday. This pullback is likely to be a retracement, with a break below $1.2895 required to negate the current short-term uptrend.
However, for now it looks like we are set for further downside as we retrace more of yesterday’s rally.
AUD/USD expected to retrace yesterday’s gain
AUD/USD managed to break into trendline resistance yesterday, continuing the intraday uptrend in place for two weeks now.
This current cluster of indecision candles points towards a likely pullback from here, if only to post another higher low. As such, a short-term bearish view is in play from here, with a break below $0.7103 bringing a wider bearish outlook into play.
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