EUR/USD, GBP/USD fade while AUD/USD is set for further gains
EUR/USD on the slide, while GBP/USD could swing back higher, despite losing ground earlier this week, and AUD/USD looks primed for further upside.
EUR/USD declines into notable support level
The EUR/USD rally came under pressure yesterday, with the move into the 76.4% level being greeted by another leg lower. That sell-off has taken the price into $1.0985 support, and it appears to be consolidating here. A break below that level would point towards a likely decline back into the $1.0926 level, which has been respected twice this month.
Ultimately, the wider bearish trend remains intact, with a break through $1.1154 required to negate that. Therefore, the fact that we have seen the price respect the 76.4% retracement means there is a good chance we could see further downside come into play before long.
GBP/USD pullback brings another buying opportunity
GBP/USD has been gaining ground over the course of September, with the price rallying into the $1.25 mark. While the price has been falling back since the start of the week, the recent rally looks likely to persist unless it breaks below $1.2283.
As such, it looks likely we will see further upside come into play in the near-future, with the 61.8% and 76.4% Fibonacci support levels providing an interesting area for longs.
AUD/USD falls into key support level
AUD/USD has been on the slide overnight, with the pair breaking through trendline support. That decline has seen the price fall into a crucial area of support, which represents the lows from January and June.
Given those historical lows, we would need to see a break below this support zone of $0.6831-$0.6822 to point towards a wider retracement of the recent rally. Until then, watch for a potential rebound from here to continue that September uptrend.
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