EUR/USD, GBP/USD and AUD/USD reverse losses as dollar comes under pressure
EUR/USD, GBP/USD and AUD/USD regain lost ground, with bullish trends potentially coming back into play.
EUR/USD gains ground yet hurdles remain
EUR/USD has managed to regain ground over the course of the week, with the pair pushing back into the 76.4% Fibonacci retracement level in early trade.
A break through this confluence of trendline and Fibonacci resistance would go a long way to signaling the intention to ultimately break through the $1.219 high and end this recent bearish phase. However, until we do see that $1.219 level broken there is still a potential for us to reverse lower and build on the January declines. A break below the 80 threshold on the stochastic brings greater confidence of that bearish move coming to pass.
GBP/USD continues its ascent after bullish breakout
GBP/USD has broken through trendline resistance this week, with the pair seeking to leave behind the slower paced ascent seen in January.
That rise into a multi-year high provides confidence of further upside to come, with a bullish outlook in play unless price breaks below the $1.368 resistance level.
AUD/USD breaks resistance, bringing chance of bullish return
AUD/USD broken through trendline resistance this week, with the pair threatening to bring a fresh bullish outlook after the recent breakdown.
That trend of lower highs means that we need to see $0.7764 broken to negate the recent downtrend. As such, there is still a chance of us turning lower here, yet the fact that we have broken through trendline and Fibonacci resistance does raise the possibility of a bullish breakout through $0.7764.
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