EUR/USD, GBP/USD and AUD/USD rebound, yet questions remain given bearish trends
EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain over whether we are simply retracing or reversing.
EUR/USD rolling over after latest retracement
EUR/USD has been trending lower over the course of the past month, with the dollar strength driving weakness for the pair.
With that downtrend still in play, the latest move higher looks likely to represent a retracement before we head lower once again. A such, a bearish outlook holds unless the price rises through $1.164 resistance.
GBP/USD pauses within Fibonacci resistance zone
GBP/USD has been regaining ground of late, with the pair moving up through the 61.8% Fibonacci level, and into the 100-day simple moving average (SMA).
However, with a bearish trend in play of late, we are looking at a potential retracement here. As such, there is a risk we reverse lower despite recent gains, with a decline through $1.3544 bringing greater confidence of a bearish move. That downtrend remains in play unless the price breaks through the $1.3751 swing-high.
AUD/USD rallies into key resistance level
AUD/USD has generally outperformed European currencies of late, and the rally into $0.7315 is indicative of that.
The pair no longer creates lower highs. Thus, there is a chance we are bottoming out here. With the price turning lower, we would need to see a break below the $0.7225 support level to bring about a fresh bearish signal once again.
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