EUR/USD, GBP/USD and AUD/USD on the rise, with key resistance up ahead
EUR/USD, GBP/USD and AUD/USD on the rise, but key resistance remains to be broken.
EUR/USD rallies into key confluence of resistance
EUR/USD has started fading somewhat after a rally into the confluence of a descending trendline and the 76.4% Fibonacci retracement level at $1.1851. With a wider bearish trend in play, there is a good chance we will see the pair reverse lower before long.
A move back below the $1.1735 level brings greater confidence of a bearish reversal for the pair. To the upside, a rise through the $1.1851 Fibonacci level would be required to signal a potential push towards the crucial $1.1908 level.
GBP/USD falls back from trendline resistance
GBP/USD has been on the back foot over the past 24 hours, with the price easing back from the confluence of trendline and 76.4% Fibonacci resistance.
That has taken us back into an ascending trendline, with the price starting to regain ground around that level. A break below the $1.368 level would be required to bring about a more bearish outlook for the pair.
AUD/USD continues to push back towards key resistance
AUD/USD has continued its upward trajectory, with the pair pushing towards the notable $0.7381 resistance level. However, it is worthwhile watching out for the 76.4% Fibonacci resistance at $0.7351.
Ultimately, we will need to see the likes of $0.7381 and $0.7426 taken out to bring about a fresh wider bullish outlook. Until then, keep an eye out for a potential bearish turn from these levels, with a break below $0.7302 bringing greater confidence of such a move.
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