EUR/USD, GBP/USD and AUD/USD rebound yet remain within consolidation phase
EUR/USD, GBP/USD, and AUD/USD gain ground, yet wider consolidation phase continues to play out for now.
EUR/USD rallies back into consolidation top
EUR/USD has been on the rise over the past week, with the pair pushing back towards the top end of the three-week consolidation phase.
With a long-term descending trendline also coming into play around these levels, there is still a good chance we see the pair turn lower before long. As such, the wider bullish trend only comes back into play if we manage to see a break through both trendline and $1.1916 resistance.
GBP/USD awaits breakout despite recent gains
GBP/USD has been on the rise over the past week, with the pair moving higher from the lower end of a consolidation phase.
That phase remains in play despite recent gains, with a break through either $1.3005 or $1.3185 required to bring about a fresh signal of where the pair goes from here. However, until that happens further short-term upside looks likely for the pair as it heads towards the upper echelons of this formation.
AUD/USD rebounds from trendline support once again
AUD/USD has managed to push through $0.7188 resistance this morning, following yet another rebound from an inside trendline.
With the price starting to ease back this morning, there is a chance we will see another move back to form another higher low for the pair. As such, any short-term downside would be viewed as another buying opportunity unless we see a break below the $0.7132 lows.
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