EUR/USD, GBP/USD and AUD/USD on the rise after recent retracement
Dollar weakness expected to play out as EUR/USD, GBP/USD and AUD/USD turn higher following a recent retracement phase.
EUR/USD turning higher from key support
EUR/USD has seen the previous high of $1.185 turn into support, with the pair moving higher in early trade. The recent rally took us into the deep Fibonacci zone and thus it is worthwhile watching the $1.189 and $1.1923 levels as potential resistance on the way up.
For the short term we can see the potential for further upside as we build on the trend of higher lows. As such, a positive outlook holds unless the price falls back below the $1.185 support level.
GBP/USD starts to regain ground after recent pullback
GBP/USD is back on the front foot this morning, as it looks to regain its positive momentum after a deep pullback on Friday.
That retracement provides us with a buying opportunity given the recent uptrend, where a bullish outlook holds unless the pair drops below the $1.3842 swing-low.
AUD/USD on the rise from trendline support
AUD/USD has been lacking momentum of late, with the pair falling back into trendline support on Friday. That trendline has held up, with the price on the rise in early trade today.
That is likely to continue as we move through the day, with the dollar expected to weaken as stocks rise. With that in mind, short-term gains look likely to take us back towards trendline resistance, with a break back below the $0.7329 swing low required to negate that bullish outlook.
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