EUR/USD, GBP/USD and AUD/USD remain in bullish mode
EUR/USD, GBP/USD and AUD/USD remain on the front foot, although UK election uncertainty has hindered upside for the pound.
EUR/USD pushes into key resistance
EUR/USD has been continuing its recent ascent, with the pair moving within touching distance of the key $1.1179 resistance level.
A break through that point would signal the beginning of another leg higher, with eyes turning to the 61.8% and 76.4% Fibonacci levels of $1.1208 and $1.1286 respectively. Thus, today’s direction of trade is going to be dictated by how we respond to this upcoming $1.1179 resistance level.
GBP/USD eases back into intraday support
GBP/USD has moved into consolidation mode after the gains seen throughout the first half of the week. With the price now failing to create a new higher high or higher low, this can be deemed as a pause for now.
A break below the $1.2925 level would bring about a more bearish short-term perspective, where we begin retracing the rally from $1.2788. Thus, today's outlook will be dictated by the ability or inability to remain above the $1.2925 level.
AUD/USD moves back into confluence of resistance
AUD/USD has managed to regain ground once again, bringing the price back into the region of both descending and ascending trendline resistance. This was enough to send prices lower on Thursday, and thus the question is whether we will see a similar reaction this time around.
Watch for a potential reversal to this region of resistance, with a break through both trendlines needed to bring a bullish picture into play once again. Also watch for the 200-day simple moving average (SMA) for further resistance.
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