EUR/USD, GBP/USD, and AUD/USD weakness could bring buying opportunity
EUR/USD, GBP/USD and AUD/USD weakness could bring buying opportunities as the dollar looks likely to remain under pressure.
EUR/USD hits four-month high
EUR/USD has managed to break through the $1.1452 resistance level this morning, continuing the uptrend seen through the past month.
The uptrend seen throughout recent weeks provide us with a clear intraday pathway to follow, with a break below the $1.137 level required to bring about a more bearish picture. Until then, further upside looks likely from here.
GBP/USD on the rise after recent declines
GBP/USD has seen a more mixed path over the course of July thus far, with early gains turning into a more choppy period over the week just gone.
A break through the $1.2624-$1.2649 resistance zone would point towards a possible bullish continuation phase coming into play. However, until that happens there is still a chance for further downside to continue this short-term pullback.
AUD/USD strengthening after Fibonacci retracement
AUD/USD has also started to regain ground following some weakness towards the back end of last week.
The respect of the 61.8% Fibonacci support level highlights the potential for another push higher before long, with a break below $6921 ultimately required to break us out of this recent uptrend. As such, another bullish move higher looks likely before long.
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