EUR/USD, GBP/USD and AUD/USD at risk of another move lower
EUR/USD, GBP/USD and AUD/USD at risk of further downside, with the bulls seemingly set to take the back seat for the time being.
EUR/USD starts to roll over once more after recent rebound
EUR/USD has been on the rise over the course of this week thus far, with the pair regaining lost ground since Friday’s low of $1.1513.
A break up through the $1.1617 resistance level would bring a more positive picture into play. However, we are instead seeing the bearish trend kick back in here, with the decline below $1.157 highlighting the beginning of a downward turn.
GBP/USD rolling over after recent rebound
GBP/USD has started to weaken after a retracement into the 61.8% Fibonacci resistance level at $1.3593.
The selloff seen over the course of the past fortnight looks like it could soon come back into play, with a bearish trend still relevant until the price rises through the $1.3698 resistance level. Until then, there is a chance we could see the price turn lower and head back towards the $1.3411 support level.
AUD/USD pullback continues as the price hits 4-week low
AUD/USD has continued its decline, with the pair dropping back into a four-week low. However, the wider trend points towards a trend of higher lows, with the recent period of weakness looking like a retracement before we turn higher once again.
For now, we could see further downside in a bid to continue this bearish short-term trend. However, the wider picture does point towards a strong likeliness that the pair turns higher once again before long, with a rise up through the prior swing high (currently $0.7432) required to bring that wider bullish view back into play.
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