FX levels to watch – EUR/USD, GBP/USD and AUD/USD

EUR/USD is attempting to lead the way, with GBP/USD and AUD/USD looking likely to reverse lower amid recent signs of weakness.

EUR/USD looks set for further gains

EUR/USD has been consolidating over the past five days, with the price falling back towards trendline support.

The uptrend remains intact, with the price continuing to respect the $1.1790 resistance zone. With that in mind, it makes sense to watch out for the pair to push through this resistance zone, with a break below $1.1724 required to negate the current uptrend.

GBP/USD continues to gain ground within likely retracement

GBP/USD has been regaining ground following on from the deterioration through the $1.3098 swing low.

That break points towards a strong possibility of another shift lower before long, thus highlighting the importance of the Fibonacci resistance up ahead. With this in mind, there is a strong chance we will see this market move lower soon, with a break above $1.3298 required to negate the bearish outlook.

AUD/USD turning lower from trendline resistance

AUD/USD is turning lower once more this morning, following yet another rebound into trendline resistance. There is a strong chance that we will see another move lower from here to continue the wider bearish trend.

However, a break below $0.7236 would provide us with a greater degree of confidence that we are set for further downside. Given that wider outlook, look out for a turn lower from here, with a break above $0.7382 required to negate the wider downtrend.

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