EUR/USD, GBP/USD, and AUD/USD pullback could bring buying opportunity
EUR/USD, GBP/USD, and AUD/USD weaken from key resistance, yet uptrends point towards potential for another bullish reversal.
EUR/USD turns lower once more from trendline resistance
EUR/USD has once again struggled to break through an area of resistance, with the recent rally failing at a long-term descending trendline once more.
While the uptrend remains intact, the declines we are currently seeing do raise some uncertainty over the longevity of this recent bullish trend. With that in mind, watch out for a potential move upwards from the confluence of trendline and 76.4% Fibonacci support. Should the pair break through that region, a decline back below the $1.1696 level would provide a bearish reversal signal.
GBP/USD pullback brings potential buying opportunity
GBP/USD has similarly declined from a notable area of resistance, with the recent rally taking us into, but not through, the March peak of $1.32.
With the price subsequently dropping into trendline and Fibonacci support, we need to either rebound from here or break out from this current uptrend. As such, watch for a potential bullish resurgence from here, with a decline through the $1.2981 level required to negate the current bullish trend.
AUD/USD weakens with clear uptrend
AUD/USD is also weakening, despite a bullish trend taking hold throughout recent months. The continued creation of higher lows is key here, with a break back below the $0.7076 level required to negate the current bullish outlook.
Until then, there is a good chance that this current period of weakness is a precursor to another leg higher for this pair. A break up through the 20 threshold on the stochastic could provide a good bullish signal for the pair, as we await an upward shift in momentum.
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