EUR/USD, GBP/USD and AUD/USD expected to build on recent gains
EUR/USD, GBP/USD and AUD/USD expected to push higher despite short-term retracements.
EUR/USD rallies into fresh two-year highs
EUR/USD managed to break through $1.2011 resistance yesterday, bringing about the highest reading since mid-2018. That recent uptrend provides a clear bullish bias here, with further upside likely before long.
However, given the sharp gains seen yesterday, there is a chance we could ease back over the short term. In any case, a bullish outlook holds unless we see a break below the $1.1924 swing low, with short-term weakness providing us with a better buying opportunity.
GBP/USD retraces into Fibonacci support after bullish break
GBP/USD managed to break up through the $1.3397 resistance level yesterday, bringing about a fresh bullish outlook once more. However, we have seen selling pressure take hold this morning, with the pair declining into the 76.4% support level at $1.3345.
With that in mind, it makes sense to watch out for another move higher from here, with a decline below the $1.3315 support level required to bring about a more neutral outlook for the pair.
AUD/USD rebounds from Fibonacci support
AUD/USD managed to push higher from the 76.4% Fibonacci support level yesterday, with the pair hoping to build on the wider uptrend in place in November. That uptrend is expected to continue from here, yet it is important to note the historical importance of the $0.7413 resistance level up ahead.
With that level sparking a market reversal in September, a break through it would bring about the highest AUD/USD reading in over two-years. With that in mind, while the uptrend does still remain intact, a break through the $0.7413 level would provide greater confidence going forward.
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