EUR/USD, GBP/USD and AUD/USD gains unlikely to last

EUR/USD, GBP/USD and AUD/USD gain ground, yet wider bearish picture points towards potential for further downside.

​EUR/USD rising, yet downtrend signals further downside

EUR/USD has remained within a downtrend throughout the week, with each short-term rally being greeted by another leg lower.

The standard deviation channel provides a rough idea of where the price should be contained within, highlighting the fact that this rally is likely to falter just like the times before it. With that in mind, a bearish outlook remains in play, with a rally through $1.0889 required to negate that view.

GBP/USD rallies into key resistance level

GBP/USD has seen a sharp surge over the past 24 hours, with the pair moving into the key $1.307 resistance level.

A break through that level would point towards another period of strength for the day ahead. As such, watch for whether we break through $1.307 or not as a guide of where we go from here.

AUD/USD likely to reverse lower after rally into Fibonacci resistance

AUD/USD has seen a week of two halves, with the gains seen on Monday and Tuesday giving way to consolidation with the peak coming around the 76.4% Fibonacci level.

The creation of lower highs since that peak does point towards a potential decline to continue the wider bearish trend. Watch for a break below the $0.6707-$0.671 zone to pave the way for such declines. ​

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