EUR/USD, GBP/USD and AUD/USD rise towards key resistance
EUR/USD, GBP/USD, and AUD/USD rally towards key resistance, but will we see a bullish breakout occur?
EUR/USD remains at risk despite recent gains
EUR/USD has been regaining ground over the course of the past two-weeks, with the pair rising into the 61.8% Fibonacci retracement level at $1.18. With the pair seemingly having topped out over recent months, this current rise looks likely to be a retracement and precursor to a move lower.
With that in mind, watch for a potential bearish reversal around this confluence of inside trendline and Fibonacci resistance. A break below this trendline and the $1.1725 horizontal support level would provide a sell signal that would feed into this bearish outlook. Only a break through the $1.1917 level would bring an end to this current bearish view.
GBP/USD heading towards major breakout level
GBP/USD has been on the rise throughout much of the week, with the pair ultimately topping out at the crucial $1.3007 resistance level.
That brings an end to the trend of lower highs, with a rise up through there signaling a potential bullish phase coming into play. As such, the next signal for this pair comes with either a bullish break through $1.3007, or a bearish break below the $1.2845 support level.
AUD/USD rallies back towards key resistance
AUD/USD has been regaining ground after the short-term double top formation which saw the recent bearish trend come back into prominence.
A break up through that $0.7209 level would point towards a more bullish short-term view, although the 76.4% Fibonacci resistance level would then come into play. Until that upside break occurs, there is still a good chance we turn lower to maintain the bearish sentiment established after the recent double top into 61.8% resistance.
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