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

EUR/USD, GBP/USD, and AUD/USD all look primed for a potential pullback. However, with wider bullish themes in play, further upside could be around the corner.

EUR/USD breakout lays ground for bullish phase

EUR/USD has managed to break through the $1.1341 resistance level overnight, helping provide confirmation of a likely short-term resurgence from here. This points towards upside to come from here, with another wider retracement coming into play.

A break through the $1.1357 peak seen overnight would provide confidence that the bullish push upwards is set to occur imminently. Otherwise, there is still a chance of a retracement lower before we turn higher once more. A break below $1.1275 would be required to negate the current bullish outlook.

GBP/USD turning lower after sharp rally

GBP/USD is starting to weaken after a sharp rally yesterday. This pullback is likely to be a retracement, with a break below $1.2895 required to negate the current short-term uptrend.

However, for now it looks like we are set for further downside as we retrace more of yesterday’s rally.

AUD/USD expected to retrace yesterday’s gain

AUD/USD managed to break into trendline resistance yesterday, continuing the intraday uptrend in place for two weeks now.

This current cluster of indecision candles points towards a likely pullback from here, if only to post another higher low. As such, a short-term bearish view is in play from here, with a break below $0.7103 bringing a wider bearish outlook into play.

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