EUR/USD, GBP/USD and AUD/USD retracements bring potential long opportunity
EUR/USD, GBP/USD, and AUD/USD decline into deep retracement, with wider uptrend highlighting likely impending rebound.
EUR/USD attempting to regain ground after recent declines
EUR/USD has been attempting to form a bottom over recent trading days, with the decline seen in the first few days of September looking like a retracement phase before we head higher once again.
Given the uptrend in play, we would need to see a breakdown below the $1.1754 support level to negate that bullish outlook. However, with the pair still struggling to break from this short-term consolidation phase, a rise through the $1.1865 level would bring about a more reliable bullish signal.
GBP/USD declines likely to bring further upside
GBP/USD has been on the slide over the past week, with the pair dropping into a deep retracement of the late-August rally.
With the price having moved back down within striking distance of the 76.4% Fibonacci level, there is a good chance we will soon see the pair turn higher once again to continue the wider uptrend. As such, a bullish outlook is in play unless we see a break back below the $1.3053 level.
AUD/USD pauses after Friday's spike
AUD/USD looks to be showing signs of a more bullish phase coming into play, with Friday finally seeing some buying pressure after a week of declines.
The wider trend of higher lows does signal how this current pullback is likely to be a retracement of the rally from $0.7136. With that in mind, this current pullback is likely to be a precursor to another bullish move, where a break below that $0.7136 level would signal an end to this bullish wider trend.
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