EUR/USD, GBP/USD and NZD/USD rise around key support
EUR/USD, GBP/USD and NZD/USD start to show signs of strength at key support levels.
EUR/USD declines into key support
EUR/USD is heading higher this morning, with recent declines taking us into a notable region of support around $1.0766.
Given the current move higher, we could see a break through $1.0816 which would bring about the possibility of short-term upside. With the wider range of consolidation seen throughout the week, such a break could mark the beginning of another short-term period of upside to continue this consolidation.
GBP/USD sell-off reaches notable support level
GBP/USD found support at the $1.2165 level yesterday, with the price turning higher immediately after. A break below that point would bring the lowest level since late March as evident through the four-hour chart.
As such, while we are seeing short-term downside, the outlook will be determined by the ability or inability to break below the $1.2165 support level. Should we hold up above that level, this could be the beginning of a more bullish phase.
NZD/USD starts to find support on Fibonacci level
NZD/USD has been on the slide recently, with the break below $0.5995 signalling the potential for an extended move lower for this pair. However, with the price breaking through the $0.6005 resistance level overnight, there is a possibility we could see some short-term upside come into play.
With that in mind, the current respect of the 61.8% could mark a short-term bottom, with a break through $0.5998 bringing greater confidence of such a move. Nevertheless, should we see short-term upside, there is a strong chance that such a move would represent a retracement of the wider sell-off from $0.6156. Thus whether we break higher now or not, the wider picture is increasingly bearish give the recent breakdown below $0.5995.
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