EUR/USD, GBP/USD, and AUD/USD decline towards critical support levels
EUR/USD, GBP/USD, and AUD/USD declines raise the possibility of an impending bearish reversal.
EUR/USD closes in on double top formation
EUR/USD has been declining towards the crucial $1.1696 support level, with the pair at risk of posting a bearish double top formation.
Should that break occur, we would be looking at the potential beginning of a wider bearish phase for the pair. Nevertheless, while we have broken all the Fibonacci levels, there is still a chance of a resurgence until $1.1696 is broken. As such, a bearish outlook comes with a break below $1.1696, while the bullish trend comes back into play on a rise through the $1.1808 level.
GBP/USD weakness brings key support zone into play
GBP/USD has declined into a crucial area of support, with the $1.2981, $1.3009, and $1.3019 support zones key to maintaining the bullish trend that has been in play.
A rally through the $1.3132 level would help build that bullish view once more. However, any further downside and we risk seeing key levels broken that would signal a potential bearish reversal for the pair.
AUD/USD declines into trendline support
AUD/USD weakness has taken the pair back into an inside trendline, with the uptrend coming into question if we see another move to the downside.
Given the wider uptrend and the recent respect of this trendline, there is a chance we will see the pair move higher from here. Such a rally would need to break through the $0.7189 level to add greater confidence that such a resurgence is underway. However, a decline through the $0.7076 level would go a long way to highlighting a wider bearish reversal for the pair.
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