EUR/USD, GBP/USD and AUD/USD weakness could be short-lived
EUR/USD, GBP/USD and AUD/USD decline, yet wider uptrend remains intact.
EUR/USD turning higher after recent pullback
EUR/USD has been regaining ground after a recent pullback into the 61.8% Fibonacci retracement level.
The uptrend seen throughout the past four months remains in play unless we see a break below the $1.1066 low. With that in mind, watch out for a continued resurgence from here, with the recent rise into $1.1179 signaling a likely bullish phase coming back into play.
GBP/USD drops into 61.8% support level
GBP/USD has been on the slide since the turn of the year, with the pair declining into the 61.8% Fibonacci retracement level.
The wider uptrend seen throughout the past four months remains intact, and there is a chance we could see another leg higher from here. To the downside, we would need to see a break below trendline and $1.2905 support to bring about a wider bearish picture.
AUD/USD pullback likely to be temporary
AUD/USD has been weakening over recent trading days, with the pair falling back towards an ascending trendline that played out through December.
The uptrend seen over the past month points towards a high possibility that we will turn higher again in the near future. Looking at the shorter time frame, we would need to see a break through $0.6965 to signal the beginning of another bullish phase. Until then, we could see further short-term downside to move back into trendline support.
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