EUR/USD, GBP/USD and AUD/USD look primed for another push higher
EUR/USD, GBP/USD and AUD/USD look to continue its recent uptrend, with a brief pause in looking likely to result in another move higher here.
EUR/USD rising back into Fibonacci resistance
EUR/USD has been consolidating of late, with the price struggling to break through the confluence of the 200-day simple moving average (SMA), 61.8% Fibonacci, and late-August low of $1.1664.
A rise through that level would bring about a likely move back towards the 76.4% Fibonacci resistance level of $1.1701. However, the wider downtrend does point towards a potential period of weakness in the not to distance future. A break below the latest swing long (currently $1.1617) would bring that wider bearish trend back into play.
GBP/USD on the rise after recent pullback
GBP/USD has been gaining ground over much of the past month, with the price pushing towards the crucial $1.3913 resistance level. A break-up through that September peak would end the wider trend of lower highs that has been playing out in recent months.
The move back below $1.3742 support on Friday does provide a slight warning sign that this recent rally could start to roll over. However, it makes sense to watch for a closed candle below those levels to bring greater confidence that such a move is coming into play. Until then, the short-term uptrend looks likely to remain dominant.
AUD/USD turning higher after retracement phase
AUD/USD has been an outperformer of late, with the price rising through $0.7478, resistance to bring about a three-month high on Thursday.
With the price having been on the back-foot since that Thursday high, we are seeing the price start to turn higher once again here. A rise through the $0.7512 resistance level brings a signal that we are set to push back towards that peak of $0.7546. As such, a bullish outlook holds unless the price breaks back below the $0.7378 swing low.
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