EUR/USD, GBP/USD, and AUD/USD rise as dollar weakens
EUR/USD, GBP/USD, and AUD/USD surge as we see risk-on sentiment start to take hold ahead of lockdown easing.
EUR/USD reverses higher
EUR/USD is on the rise, with the pair having completed a bullish head and shoulders pattern this morning.
This points towards further upside to come, yet the consolidation seen throughout the past two months could limit such short-term gains. With that in mind, a bullish short-term view is in play and a break through the $1.1008 level would be required to bring about a wider exit from this consolidation phase.
GBP/USD surges higher amid risk-on mode
GBP/USD is also surging higher as the haven dollar continues to feel the pressure this morning.
This brings us back towards a crucial area of resistance, with a break through the $1.2296 level seemingly completing a bullish reversal signal. The breakthrough $1.225 resistance does go some way to highlighting the current strength of this pair, yet key hurdles remain. As such, while we could see further short-term upside, a break through the $1.2296 level is required to bring wider bullish connotations.
AUD/USD rallies towards key resistance
AUD/USD is on the rise this morning, with the pair surging into a crucial zone of resistance between $0.6598 and $0.6616.
A break through that zone provides a bullish continuation signal for this pair, as we look to see the wider two-month uptrend carry on. With that in mind, watch out for how we respond to this area of resistance, with a break through $0.6616 providing us with a bullish continuation signal.
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