EUR/USD, GBP/USD and AUD/USD likely to push higher
EUR/USD, GBP/USD and AUD/USD gain ground, with further upside looking likely before long.
EUR/USD rallies close to key resistance level
EUR/USD has been gaining ground over the course of the week, with yesterday seeing yet another move higher for the pair.
That has taken us through the 76.4% Fibonacci retracement level, raising the chances of a bullish breakout above $1.1111. For now, we are seeing the pair start to turn lower, with the stochastic further signaling the possibility of a bearish phase. As such, the short-term picture looks like we could see some weakness today, yet a break below $1.099 would be required to negate this intraday uptrend.
GBP/USD starts to weaken after sharp rally
GBP/USD has been rising sharply over the course of the week, with the pair hitting a five month high yesterday. Hopes of a Brexit deal remain elevated despite the lack of an agreement in time for today’s European summit.
We are seeing the pair drift lower in early trade today, yet this simply looks like another retracement within the recent uptrend. With trendline and Fibonacci support down below, it is likely we will see another move higher today. However, as ever this is going to be a pair that is highly sensitive to news flow. A bullish outlook remains in play unless we see a break below the $1.2657 swing low.
AUD/USD breaks higher once more
The AUD/USD uptrend seen throughout October looks to be back in the driving seat, with the overnight decline in Australian unemployment providing another leg higher for the pair.
That rally took the price into and above the $0.6789 resistance level, pointing towards further upside to come. As such, watch out for further upside in the short term, with a break below $0.6723 required to bring that wider bearish trend back into play.
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