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EUR/USD and GBP/USD push higher, while AUD/USD gains fade

EUR/USD and GBP/USD gain ground once again, while the AUD/USD upside is proving short-lived.

EUR/USD on the rise after failing to break key support

EUR/USD sold off towards the key $1.0985 support level yesterday, with the ability to break below that level key to determining whether we are due another leg lower. That didn’t happen, yet the rally from above that support level does not necessarily mean we are due a major rebound.

With the US Federal Reserve (Fed) rate decision coming later today, there is likely to be a focus on potential dollar weakness. However, with a rate cut largely priced in, the focus will likely fall on whether we see an outlook of multiple additional cuts in the future. Especially given the open-ended quantitative easing (QE) program enacted at the European Central Bank (ECB). With that in mind, there is a good chance we are looking at a retracement before the pair turns lower once again, building on the 76.4% Fibonacci retracement seen over the course of September thus far. A break through $1.1111 would signal a possible continuation of this short-term uptrend, yet we would really need to see $1.1154 broken to bring a wider bullish picture into play. Until then, there is a good chance we will see the pair turn lower once again before long.

GBP/USD rallies to continue recent uptrend

GBP/USD managed to rebound into a new intraday high yesterday, continuing the uptrend that has been in play over the course of September thus far.

This is expected to continue as we go forward, with markets growing increasingly optimistic that a no-deal Brexit can be delayed or averted. With that in mind, longs continue to be preferred unless the price breaks below the $1.2392 swing low.

AUD/USD rebounds from major historical support level

AUD/USD managed to rebound after declining into a critical historical support level yesterday, with the pair gaining ground over the course of the day.

Overnight and morning price action has eroded much of that upside though, with price turning back towards this support zone. As such, the ability or inability to break through this $0.6822-$0.6831 support zone will be key in determining whether we are set for another bout of downside.

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