EUR/USD, GBP/USD, and AUD/USD hit by strong dollar
EUR/USD, GBP/USD, and AUD/USD hit hard as market weakness brings a dollar resurgence.
EUR/USD declines into key support
EUR/USD has been on the slide over recent days, with the pair dropping into a crucial support level at $1.1754.
A drop below that point would bring the uptrend to an end, signalling the potential beginning of a bearish phase for EUR/USD. With that in mind, watch for how we react to this level as a gauge of forthcoming direction. A closed candle below that threshold would bring about a bearish signal for the pair.
GBP/USD slumps into four-week low
GBP/USD has been on the slide over the course of the past week, with September proving to be a bad one for bulls.
That bearish trend is likely to persist until we see otherwise, with the hourly chart highlighting the intraday pattern in play. With that in mind, further downside looks likely, with a rise through the $1.3056 mark required to negate the bearish trend.
AUD/USD rebounds from trendline support
AUD/USD has managed to turn the tide in early trade, with trendline support once again providing a welcome reprieve for the pair.
How far this rebound goes remains to be seen, especially given the dollar appreciation we have seen in the face of growing stock market declines. However, until we see that trendline broken, there is a good chance we could see further upside over the short term.
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