EUR/USD, GBP/USD and AUD/USD decline but support levels remain unbroken for now
EUR/USD, GBP/USD and AUD/USD turn lower, but until support breaks, the recent uptrends remain in play.
EUR/USD attempts to stabilize above key support level
EUR/USD has been consolidating around the $1.0122 support level over the course of the week, with the declines seen on Monday bringing about an end to the recent pattern of higher lows. The ability to break below that $1.0122 level is going to be key here, with such a move bringing the wider bearish picture into play once again. Until then, there is a good chance we see short-term gains to retrace the recent sell-off from $1.0368.
GBP/USD slumps into crucial support level
GBP/USD has similarly been on the back foot over much of the week, with the price falling into the crucial $1.20 handle. That level represents the area where both prior lows have coincided, thus highlighting the importance of a break lower from here. Should we see the price pass convincingly through that level, it would make sense to expect the wider bearish trend to come back into play.
However, until that happens, we could see a short-term rebound to retrace some of the ground lost over the past 24-hours. Either way, the pair does look destined to roll over and head lower before long.
AUD/USD collapse takes pair within touching distance of support
AUD/USD has been hit hard over the course of the week, with the pair going from being one of last weeks outperformers to a relative underperformer this week. The wider downtrend does highlight the potential for a bearish turn before long, with a move through the $0.6869 swing-low required to bring about that bearish signal. Until then, there is still a chance we continue the trend of higher lows by turning upwards from here.
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