EUR/USD, GBP/USD and AUD/USD rally likely to falter once again

EUR/USD, GBP/USD and AUD/USD attempt to regain lost ground. However, this looks to be a retracement phase before the bears come back into play.

EUR/USD at risk after rally into intraday resistance

EUR/USD has managed to rally into the $1.1609 resistance level this morning, with a gap higher at the start of this week’s trade being immediately sold into.

The recent dollar strength has hit the pair hard, and we would need to see $1.1609 broken to bring about a more positive short-term outlook. Until then, there is a good chance we see the bears come back into play to maintain this downward trend.

GBP/USD recovery unlikely to last

GBP/USD has been on the rise since Wednesday’s lows. The bearish trend in play of late portrays this current rebound as a likely retracement before the bears come back into the fray once again.

With that in mind, it is worthwhile watching for potential respect of the Fibonacci resistance levels, such as $1.3621 and $1.367. A break-up through the $1.375 swing-high would be required to bring about a more positive outlook for the pair.

AUD/USD rallies into Fibonacci resistance

AUD/USD has similarly been gaining ground since Wednesday’s low, with the price retracing off the back of a period of declines.

That downtrend comes back into question here, with a bearish outlook bringing expectations of another turn lower here. That negative outlook holds unless the price break up through the $0.7316 resistance level.

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