EUR/USD, GBP/USD and AUD/USD reversing lower
EUR/USD, GBP/USD and AUD/USD start to reverse lower after recent periods of upside.
EUR/USD rolling over after recent rally
EUR/USD has been surging higher after dropping into the $1.0989 support level on Friday. This subsequent rally has come close to breaking into a bullish higher high.
However, we are seeing the pair roll over now, raising the possibility of a pullback from here. Watch for a break below the $1.1066 level to bring about that bearish intraday view once more. Alternately, a more bullish view comes with a break through the $1.1097 resistance level.
GBP/USD starts to weaken from key resistance level
GBP/USD managed to break through the $1.2986 resistance level yesterday, bringing with it a bullish signal. However, the final breakout level of this recent region of consolidation has proven too much, with the pair turning lower from $1.3012 resistance.
With that in mind, the intraday picture looks bearish for now, even if it is a retracement building. Alternatively, a break through $1.3012 would negate this notion of a short-term decline.
AUD/USD reverses lower after GDP reading
AUD/USD is moving sharply lower after a disappointing gross domestic product (GDP) reading of 0.4%. However, the previous rise through $0.6835 does highlight the possibility that we are set for another leg higher before long.
As such, watch for further downside today, yet we are still to determine whether this will be the beginning of a leg below $0.6754, or a precursor to another leg higher as we head into trendline resistance.
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