EUR/USD, GBP/USD and AUD/USD surge as dollar continues to weaken
EUR/USD, GBP/USD and AUD/USD push higher once more, as the dollar comes under pressure yet again.
EUR/USD drives higher yet again
EUR/USD has seen another sharp move higher this morning, with the pair breaking into a fresh 22-month high. These gains are likely to persist as the pair attempts to move back towards the long-term descending trendline (currently around $1.187).
As such, it is a case of following the short-term trend higher, with a bullish outlook in place unless the price breaks below the $1.1581 support level.
GBP/USD breaks resistance to hit four-month high
GBP/USD has also managed to push higher in early trade, with the pair pushing through the $1.2813 June peak. That level could come back into play as support as we drift lower.
However, whether that level holds or not, a bullish outlook is in play here as long as we do not break below the recent swing low of $1.2717.
AUD/USD moves higher after recent pullback
AUD/USD managed to rebound from the trendline support last week, with the pair moving lower ever since. Importantly we have broken through the first swing high of $0.7125, signalling a likely continued push higher from here.
With that in mind, a bullish outlook is in play unless we see a break below the $0.7064 level.
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