EUR/USD, GBP/USD and AUD/USD rebound, yet questions remain
EUR/USD, GBP/USD, and AUD/USD rebound, but major resistance means the threat of a bearish period is not over yet.
EUR/USD rallies towards trendline resistance
EUR/USD is on the rise this morning, with the price managing to break through the $1.1808 level to move towards trendline resistance. The consolidation seen over the course of the past three weeks remains in play as the pair trades around a long-term trendline resistance.
As such, we need to see a push through either $1.1916 or $1.1696 to signal a break from this consolidation pattern. Until then, this trendline provides us with a key area of resistance that could spark a short-term pullback within this consolidation zone.
GBP/USD rising from key support level
GBP/USD is on the rise, following a decline back into the $1.3009 support level. That looks to continue the consolidation phase that has been in play over the past fortnight.
A break through the likes of the $1.3186 area would signal a potential bullish continuation coming into play following a strong July. With a long-term descending trendline also coming into play at that top, we are at a crucial point for the pair, where the breakout from this consolidation will provide a significant clue of medium term direction.
AUD/USD rebound from trendline support
AUD/USD has managed to rebound from an inside trendline once again, with the pair rising back into the $0.7189 resistance level.
A rise through that level would provide greater confidence of a bullish continuation for the pair, with the potential for another short-term pullback in play here until that occurs.
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