EUR/USD, GBP/USD and AUD/USD push higher after recent declines
EUR/USD, GBP/USD and AUD/USD start to regain ground after recent declines.
EUR/USD consolidates after recent pullback
EUR/USD has been on the slide overnight, drifting lower after a surge which took the pair into a peak of $1.1172 yesterday. The uptrend seen throughout recent months remains intact, signaling a likely push higher before long.
With the price now back at the 61.8% Fibonacci support level, we are likely to push higher from here. A decline below $1.1104 would be required to negate the recent recovery and highlight the risk of a decline below the all-important $1.1067 level. Should we see such a decline, it would point towards a likely resumption of the long-term downtrend.
GBP/USD rally signals potential resurgence
GBP/USD has been on the rise since Tuesday’s lows, with the pair seemingly having bottomed out at ascending trendline support. The rally into the confluence of $1.3097 and 200 simple moving average (SMA) resistance highlights the potential for a pullback from this point.
However, where we do see a short-term pullback or not, this surge into the $1.3097 swing high points towards a likely resurgence coming into play. This bullish view holds unless we see a break below the $1.2954 level.
AUD/USD declines into trendline support
AUD/USD failed to really gain traction on yesterday’s rally out of consolidation, with the pair falling back into trendline support.
That decline does threaten to break the current bullish intraday picture, with a fall below $0.6877 pointing towards further downside. Until that happens, there is a good chance we see further upside from here to continue the uptrend seen since October.
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