EUR/USD, GBP/USD and AUD/USD gain ground in early trade
EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain for the Australian dollar despite hawkish RBA stance.
EUR/USD awaits breakout from continuation pattern
EUR/USD is trading within a pennant formation, with the pair pausing after the gains seen last week.
To the upside, we do need to keep an eye out for a potential break through the $1.1897 level as a signal that we are set for another leg higher. Meanwhile, a drop back below $1.185 would point towards a deeper pullback coming into play.
GBP/USD turning higher after 76.4% pullback
GBP/USD has started to regain bullish momentum following a retracement into the 76.4% Fibonacci level at $1.3876.
The ongoing uptrend points towards a bullish session ahead, with a positive outlook in play unless the price drops below $1.3843.
AUD/USD back into confluence of resistance
AUD/USD has been on the rise overnight, with a hawkish Reserve Bank of Australia (RBA) stance bringing gains for the Australian dollar.
However, that takes us into the confluence of 61.8% and trendline resistance. With the trend of lower highs in place, this recent grind higher still looks like a potential precursor to further weakness unless the price breaks up through the $0.7503 swing-high.
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