EUR/USD, GBP/USD and AUD/USD on the rise as havens weaken
EUR/USD, GBP/USD and AUD/USD regain ground as risk-on momentum puts pressure on the dollar.
EUR/USD back into 76.4% Fibonacci resistance
EUR/USD has been consolidating around the 76.4% Fibonacci resistance level for the second half of last week, with traders seeking to ascertain whether this bullish recovery will continue or not. That area of resistance is going to be key, with the 200-day simple moving average (SMA) also coming into play once again.
A break up through both of those resistance levels would bring greater expectations of a push through the $1.219 swing high. Such a move would end the recent bearish trend to bring about a fresh bullish outlook once more. However, until we see that $1.219 level broken, there is still a risk of another bearish turn given the recent trend.
GBP/USD launches into another push higher
GBP/USD has once again surged higher, building on the gains seen throughout much of last week.
That once again brings us into fresh multi-year highs for the pair, with few resistance levels of note up ahead. As such, further upside looks likely, with a decline through the recent swing low of $1.3773 required to negate that current bullish trend.
AUD/USD breaks through notable resistance level
AUD/USD has managed to break through the $0.7764 resistance level, building on the recent push through an ascending trendline. That brings expectations of further gains to come, with the $0.782 level up ahead.
While 2021 has seen the pair struggle in the wake of an impressive 2020, there is a good chance we could soon see the pair break back onto that bullish trend from here. With that in mind, further upside looks likely from here, where a break through $0.782 would further that bullish sentiment. To the downside, a break below $0.7718 would be required to negate that bullish view.
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