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EUR/USD, GBP/USD and AUD/USD all weakening

Dollar strength is putting pressure on key currency pairs, pointing towards renewed weakness against the greenback for the euro, sterling and the Aussie.

EUR/USD moves down from lower high

EUR/USD is heading lower from trendline resistance, after recording a second lower high at $1.22, following on from the $1.225 lower high at the beginning of last week.

A resumption of the downward move targets $1.21 and lower, while a more bullish view requires the price to rally back above $1.22 and then make progress towards $1.225.

GBP/USD heads back to $1.41

Further weakness for the GBP/USD has seen the price drop back towards $1.41, the crucial area of support over the past three weeks.

If this is broken then a more bearish view may begin to prevail, although there is more potential support around $1.4013. A revival above $1.42 puts the buyers back in charge.

AUD/USD turns lower

Since mid-May lower highs have prevailed here with AUD/USD, and with the price turning back down from $0.776 it looks like a new leg lower could be in play.

This would bring $0.766 into view. A more bullish view would need the price to rebound above $0.77 and clear the two previous lower highs.

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