EUR/USD continues to outperform GBP/USD and AUD/USD
EUR/USD continues to outperform, with GBP/USD and AUD/USD heading lower yet again.
EUR/USD rallies towards channel resistance
EUR/USD has been on a surge over the past two weeks, with the pair rising back into the $1.1096 resistance level. The wider perspective shown on the daily chart highlights how we remain within a wider descending channel, with the price having moved past the 61.8% Fibonacci level.
This therefore signals a likely move towards the 76.4% level, with questions asked around those upper levels of this standard deviation channel. With this in mind, watch out for a bearish reversal signals in the intraday charts for a sign that this resurgence is set to come to an end. A break through $1.1239 will ultimately be needed to negate this wider bearish trend.
GBP/USD heading lower after brief respite
GBP/USD has been declining throughout much of the past week, with the pair hitting a four-month low on Friday. The rise seen since that low appears to have been short-lived, with the price turning lower again this morning.
As such, further downside looks likely from here, with a break through the $1.292 level providing a tentative sign that this current decline could slow or come to an end.
AUD/USD rally brings potential shorting opportunity
AUD/USD has managed to regain ground this morning, following a period of declines that took the pair into a 11-year low on Friday. While this rally has taken the pair through the 76.4% Fibonacci retracement level, the downtrend remains intact.
The inside trendline seen throughout the past month provides a potential turning point which has been respected thus far. With that in mind, bearish positions are preferred around this deep retracement, with a break through the $0.6592 level required to negate the current bearish outlook.
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