EUR/USD, GBP/USD, and AUD/USD fall back towards key support
EUR/USD, GBP/USD and AUD/USD start the week on the back foot, but will we see a rebound from key support?
EUR/USD declines into key support
EUR/USD has been on the back foot over the past week, with the pair sliding back into the $1.2059 support level. The ability to remain above that level will be key here, with the initial support seen this morning highlighting the fact that we could see a rebound here.
Any short-term rebound would need to rise through the $1.2177 swing high if it to bring back a more bullish trend. With that in mind, the key first question here is whether we see the pair rebound or break the $1.2059 level.
GBP/USD falls back into Fibonacci support
GBP/USD has been on the slide since the rally back into $1.3704 resistance level, with the price subsequently moving into the 61.8% Fibonacci support level.
The trend of higher lows seen of late highlights the potential for another turn upward from either the 61.8% or 76.4% support. With that in mind, a bullish outlook is in play unless price falls back below the $1.3451 swing low.
AUD/USD tumbles into key support after wedge break
AUD/USD has tumbled back into the $0.7666 support level since Thursday's peak, with the recent inability to break through the $0.782 peak raising questions of a potential wider sell-off if we break through support.
The $0.7666-0.7642 support zone is key here, with a break through that area bringing the potential for a wider pullback. Until then, the key question for traders is exactly what the pair does at this crossroads.
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