EUR/USD, GBP/USD and AUD/USD on the rise amid recent consolidation
EUR/USD, GBP/USD, and AUD/USD push higher, but will it be enough to finally see a break from the recent consolidation?
EUR/USD turns lower, with breakout required for next move
EUR/USD once again failed to break from the trend of lower highs and higher lows yesterday, with the pair reversing lower after a rally towards the crucial $1.1849 resistance level. The recent consolidation requires a break through either $1.1849 or $1.1784 to bring about a fresh directional bias.
However, from a wider perspective, the recent weakness does look like a potential retracement of the wider $1.1696-$1.1965 rally. Given the recent rebound from the 76.4% Fibonacci level of that wider move ($1.1759), there is a chance we are currently within a bullish reversal phase. With that in mind, we could start to see the bulls come back into play here, with a drop back below $1.1784 required to negate such a possibility.
GBP/USD back into resistance after recent bottoming
GBP/USD has been on the rise following a rebound from trendline support, with the price having pushed through the $1.3149 resistance level yesterday.
That signals the potential for further upside from here, with a break through the $1.3158 level providing us with a fresh bullish signal for the day.
AUD/USD continues its ascent from trendline support
AUD/USD has been on the rise since dropping into an inside trendline once again yesterday.
The wider uptrend points towards the potential for further upside from here, with a break through the $0.7207 level required to bring about a fresh bullish signal for the pair. Given the bullish trend in play over recent months, a rise through that resistance level could potential bring about an exit from the recent period of consolidation that has dominated the past week.
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