EUR/USD, GBP/USD and AUD/USD rally into major resistance
EUR/USD, GBP/USD and AUD/USD continue their surge, yet key resistance levels lie ahead.
EUR/USD surges higher after recent eurozone stimulus
EUR/USD has continued its recent uptrend, with yesterday's post-European Central Bank (ECB) surge being followed up by another smaller rally this morning. This continues the clear uptrend evident on the hourly chart.
The next resistance level of note comes all the way up at the crisis peak of $1.1496. As long as we remain within this hourly uptrend, it makes sense to keep expecting further upside for this pair. As such, a drop below $1.1326 would be required to start asking questions over this current rally.
GBP/USD rallies back into major resistance zone
GBP/USD has also seen sharp gains over the course of the past fortnight, with the pair moving back into the 200-day simple moving average (SMA), currently at $1.2669. With the two previous April peaks having come around the $1.2648 level, this region of resistance provides a major hurdle to overcome if this trend is to continue.
With that in mind, the ability or inability to break through this resistance zone will be key to forthcoming price action, with a break below the $1.2583 level required to negate this current uptrend.
AUD/USD uptrend continues as we approach resistance
AUD/USD has seen sharp gains over the course of the week, in a continuation of the upside seen since the March lows. This has taken us back towards the key $0.7032 resistance level (December peak), which provides the next upside level of note.
However, the key here is to simply follow the short-term uptrend, which has continued after respecting trendline support overnight. With that in mind, a bullish outlook remains in play unless we see a break back below the $0.693 support level.
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