EUR/USD, GBP/USD and AUD/USD turn upwards after recent slump
EUR/USD, GBP/USD and AUD/USD appear to be fighting back, but near-term gains look unlikely to reverse the bearish trend.
EUR/USD declines ease as pair attempts to regain ground
EUR/USD has been hit hard over the course of the past week, with the pair slumping into a 19-year low on Monday. However, we have started to see some fight back for the pair with the price ticking higher over the past 24 hours.
Quite how far this upside move goes remains to be seen but ultimately this appears to be a retracement before we see the pair rollover once again.
With that in mind, bearish positions are still favoured yet short term upside could provide us with a more advantageous entry opportunity. This bearish outlook holds until the price manages to break up through the prior swing high (currently $1.0203).
GBP/USD stabilizes after period of downside
GBP/USD provides us with another example of a European currency being hit hard against the US dollar. The recent selling pressure has taken cable into a fresh two year low but we are starting to see that overwhelming pessimism ease somewhat as we come into today's session.
With the pair starting to move higher this also looks like a potential upside retracement phase before the sellers come back in.
As such bearish views remain prominent, with near-term games expected to provide fresh short entry opportunities for those not in the trade. This bearish outlook holds until the price breaks through the latest swing high of 1.2142.
AUD/USD starts to regain ground after decline into key support
AUD/USD has started to show some signs of positive momentum following a decline into the key $0.6869 support level.
While that decline provided a breakdown of the bullish medium term trend, we look set for a near term retracement phase here before the bulls return to the fore.
With that same mind it makes sense to expect near-term upside, although recent signals suggest such a move would be short-term in nature with bearish positions favoured until price breaks up through the recent peak of $0.7136.
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