EUR/USD, GBP/USD and AUD/USD expected to fall once again
EUR/USD, GBP/USD and AUD/USD regain ground, yet the bearish trend remains in play.
EUR/USD turning lower after deep retracement
EUR/USD gains seen this morning are starting to falter, following a rise into the 61.8% Fibonacci retracement level.
With that in mind, the downtrend seen throughout the past week looks likely to continue apace as long as the pair remains below the $1.0831 swing high.
GBP/USD expected to continue downtrend despite rebound
GBP/USD gains provided us with a higher low on Friday, weakening the wider bearish trend in play. However, despite that break it is likely we are going to see another leg lower before long, with the shallow rally seen this morning expected to represent a precursor to further downside.
Given the size of the wider downtrend, we would need to see a break through $1.2129 to bring about a bullish picture for this pair. Watch for a breakdown below $1.1555 to bring about a bearish confirmation signal.
AUD/USD rebound unlikely to last
AUD/USD has also seen some upside since Thursday's low.
We would need to see a break through the $0.6029 swing high to bring about a more bullish outlook for the pair, with the current consolidation likely to bring another leg lower. Watch for a break below $0.57 to confirm that bearish short-term outlook.
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