EUR/USD, GBP/USD and AUD/USD begin to rise
EUR/USD, GBP/USD and AUD/USD see tentative gains, yet only the pound looks to potentially have the legs for further upside.
EUR/USD rebounds, yet will it last?
EUR/USD has been declining for much of the week, following a double-top formation that completed last Tuesday. The gains seen yesterday are yet to take us through the $1.1043 resistance level, with the price having rallied into the 76.4% Fibonacci retracement level.
A break through that $1.1043 swing high would provide us with a bullish signal. However, until then there is a good chance we will turn lower from this Fibonacci resistance level.
GBP/USD shows tentative bullish signs
GBP/USD has been drifting lower for much of the last month. However, we are seeing tentative signs of a potential bullish reversal, with the price having broken through the $1.2874 resistance level.
A rise through $1.2898 would provide greater confidence of this bullish resurgence. However, until we see a move below $1.2825, this pair looks likely to turn higher before long.
AUD/USD begins to regain ground after sharp declines
AUD/USD has seen sharp losses after engaging with a confluence of resistance around the turn of the month. We have since seen the prices drop into the lowest levels seen in a month, after a decline below the key $0.6809 level.
That points towards further downside to come. However, we are currently attempting to regain ground, following the sharp move lower on Wednesday night. This is likely to falter once more, with a break through the $0.6841 level required to signal that this rebound has legs. Until then, we are likely to turn lower before long.
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