EUR/USD, GBP/USD and AUD/USD likely to fade after overnight gains
EUR/USD, GBP/USD and AUD/USD regain ground overnight, but they look unlikely to last.
EUR/USD rebound looks destined to fail
EUR/USD has been grinding higher overnight, in a bid to regain some of the lost ground seen throughout yesterday's session.
However, the downtrend remains intact unless the price rises through the $1.1261 level, with the existence of a provisional descending trendline signaling a potential bearish turn in the near-future. As such, a bearish outlook remains in play here.
GBP/USD manages to muster shallow rebound
GBP/USD has attempted to regain some of yesterday's sharp declines, with the pound suffering in the wake of the Bank of England (BoE) meeting. However, that rebound has been pretty weak, and the rise into overbought for the stochastic highlights that it could soon come to an end.
Watch for a potential bearish turn in the near future, with a rally through the descending trendline required to start building a more bullish case.
AUD/USD in consolidation mode as pair regains ground
AUD/USD has been trading within a symmetrical triangle formation over the latter part of the week, with the rise seen overnight providing yet another example of that consolidation.
The breakout from this zone would provide us with a more confident directional bias, with the $0.6902 (bullish), and $0.6836 (bearish) levels providing key thresholds to watch.
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