EUR/USD, GBP/USD and AUD/USD head lower on stronger dollar

EUR/USD, GBP/USD, and AUD/USD head lower, as traders continue to favour the dollar in the face of major uncertainty.

EUR/USD continues its decline, as we head towards key support

EUR/USD has continued to drive lower as we head into a historical week, with the pair approaching the September support level of $1.1612.

A break below that level provides another wider bearish signal for the pair. However, for now it makes sense to focus on the short-term bearish pattern as a guide. With that in mind, a bearish outlook holds unless we break through the $1.1704 swing high.

GBP/USD drops into key support after deep retracement

GBP/USD has slumped into the critical $1.2861 support level, bringing a potential end to the uptrend that has played out for over a month now.

The 61.8% Fibonacci resistance level at $1.3174 ultimately appears to have proven too much in the end. As such, the ability or inability to break through this $1.2861 support level will be key in determining the outlook for the forthcoming period.

AUD/USD drops into three-month low

AUD/USD has dropped back into and below the $0.7005 support level, bringing about a fresh three-month low for the pair.

This looks to kick off another period of weakness, with the creation of lower highs expected to drive further downside. As such, a bearish outlook holds here, with a rise through the latest swing high of $0.7072 required to signal a wider retracement coming into play. Until then, further downside looks likely from here.


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