EUR/USD, GBP/USD and AUD/USD at risk of another turn lower
EUR/USD, GBP/USD, and AUD/USD show signs of potential weakness, with the dollar likely to come back into prominence despite recent rebound.
EUR/USD continues to consolidate after rally into resistance
EUR/USD has been consolidating below the $1.1754 resistance level, with the pair looking likely to decline in a continuation of the topping pattern seen over recent weeks.
While we are currently on the rise this morning, we would need to see a break through trendline and $1.177 resistance to bring expectations of further upside. Until then, there is a good chance this current consolidation is a precursor to further downside. A break below the $1.1684 level would provide that sell signal.
GBP/USD continues to grind higher towards key resistance
GBP/USD has been steadily grinding higher over the past week, with that rise taking the pair back towards the $1.3007 resistance level.
A break through that level would bring a signal that the September downtrend is over. While we could continue to move higher here, it makes sense to look for a break through $1.3007 to confirm expectations that this rise will continue.
AUD/USD continues to climb but further downside could come
AUD/USD has been regaining ground over the past week, with the pair seemingly retracing the $0.7345-$0.7005 declines seen in late September.
With that in mind, the current rise may not last too long with the price having already rallied into the 61.8% Fibonacci retracement. While another turn lower looks likely, it makes sense to await a break below the most recent swing low to bring about a bearish signal.
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