EUR/USD, GBP/USD and AUD/USD push higher after recent declines
EUR/USD and GBP/USD turn higher amid recent consolidation. Meanwhile, the AUD/USD is starting to regain ground after sharp declines overnight.
EUR/USD turning higher after Fed sell-off
EUR/USD reversed lower yesterday despite a 25 basis-point (bp) rate cut from the Federal Reserve (Fed).
However, we remain within consolidation mode at the moment with the price turning higher to reverse yesterday's losses. With the price forming lower highs and higher lows, we do not have a particularly clear directional bias for the intraday picture. The wider trend is bearish and that theme is expected to return soon enough. However, for the moment it is worthwhile watching to see if the price can break through $1.1075 to bring about a more bullish short-term picture.
GBP/USD consolidates within recent uptrend
GBP/USD has been in a clear uptrend over the course of September this far, with the price continuing to create higher highs and higher lows.
The pullback seen on Wednesday looks to be another retracement and higher low. With that in mind, further upside is expected from here, with a break below $1.2393 required to bring about a more bearish outlook.
AUD/USD trading sharply lower after support break
AUD/USD sold off overnight with the price finally breaking back below the $0.6831-$0.6822 support zone.
With that out the way, there is a good chance we will see further downside to come before long. With the price currently looking like it could form a bullish engulfing, short-term gains look a distinct possibility. However, that historical zone of support turns into resistance, meaning that we could falter around $0.6822 for another leg lower.
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