EUR/USD, GBP/USD and AUD/USD roll over as dollar demand returns
EUR/USD, GBP/USD and AUD/USD break below key support, with the dollar coming back in demand amid risk-off sentiment.
EUR/USD starts to roll over amid risk-off sentiment
EUR/USD has managed to break below the crucial $1.1241 support level on Friday, negating the uptrend that has dominated the past month.
That break into a new lower low points towards a fresh bearish phase coming into play for as long as risk assets markets roll over. With the pair turning lower after a shallow rebound on Friday, a break below the $1.1212 low would bring a good bearish sell signal.
GBP/USD breaks below key support level
GBP/USD has also broken below key support, with the declines seen on Friday seeing the key $1.25 level give way.
This could point towards further downside coming into play, with risk-off sentiment looking to benefit the dollar. As such, this short-term bearish outlook holds unless we see a break through the $1.2551 lows.
AUD/USD rolls over as Covid-19 cases rise in Beijing
AUD/USD has broken below the key $0.6799 support level this morning, with the pair hitting the lowest level in almost two weeks.
That points towards further downside coming into play, with fears over a potential rise in Chinese coronavirus cases coming amid a recent breakout in Beijing. The recent break below $0.6799 points towards further downside, with a bearish outlook in play unless we see the price rise through the $0.6912 level.
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