EUR/USD and GBP/USD falter but AUD/USD keeps pushing higher
A stronger US dollar is hitting EUR/USD and GBP/USD, but AUD/USD is still attempting to push higher.
EUR/USD pushes lower again
The sellers appear to be in control in EUR/USD once more, as the price drops down further, having already lost ground over the past two sessions.
The loss of trendline support early yesterday was a signal that more weakness may be on the way, with further downside heading towards $1.083. A recovery back above $1.093 would help to negate the more bearish view and put the pair back on a path to challenge $1.10.
GBP/USD heading down after trendline break
The resurgence of the US dollar has dealt a major blow to the rally in cable over the past month, and may well signal that it is at an end. Like EUR/USD, the price of GBP/USD has dropped below rising trendline support and the bounce from Monday’s lows is now in the process of creating a lower high at $1.248.
Further declines below $1.24 bring $1.232 and $1.225 into view. Alternatively, the price needs to recover $1.25 to revive the bullish view.
AUD/USD looks to continue recovery
The AUD/USD pair has closed the weekend gap down and is busily attempting to recover more of the gains lost since last Thursday.
Having established a higher low at $0.6375 the price has pushed higher, but now needs to move on to clear $0.6475 to challenge the highs of last week above $0.655. With stochastics looking as if they are about to roll over, some bearish momentum may develop, bringing Monday’s lows at $0.6375 into play once again.
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