EUR/USD, GBP/USD and AUD/USD rally back to key resistance

EUR/USD, GBP/USD and AUD/USD rally towards key resistance, with recent downtrends coming under the microscope.

​EUR/USD rallies back into key resistance level

EUR/USD has managed to rebound back into the $1.1353 resistance level, with the recent rise raising the possibility of a bullish breakout after the declines seen throughout much of June.

With the price having initially turned lower from the key breakout threshold, there is a chance we reverse from here to continue the bearish trajectory of the past fortnight. However, if we do break through that $1.1353 level, it would point towards the potential beginning of another bullish phase from here.

GBP/USD rebound brings deep retracement

GBP/USD has also been regaining ground, with the pair rising back towards key Fibonacci resistance at $1.2553 and $1.2604. Unlike EUR/USD, we remain some way off a bullish breakout, with the downtrend seen throughout the past two weeks still in play unless we see a break through the $1.2687 level.

With that in mind, the short-term gains could come undone around one of those resistance points. Watch for a break below the most recent swing low to bring a bearish signal (currently $1.2432).

AUD/USD rallies into key resistance zone

AUD/USD gains have taken the pair into a zone of horizontal and inside trendline resistance, with the price starting to turn lower in response. A bullish breakout from this recent retracement phase would come with a break through that $0.6976 level.

However, with the price turning lower, there is a chance we could decline from here. As such, the ability to break through $0.6976 will be key to determining whether we break higher or reverse lower from here.

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