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EUR/USD, GBP/USD and AUD/USD rise back towards key resistance

EUR/USD, GBP/USD and AUD/USD attempt to regain ground, but we need to see resistance broken if the bulls to gain a better footing.

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EUR/USD falls back into trendline support

EUR/USD has been on the back foot over the course of the week, with the price breaking $1.1514 support and moving swiftly into trendline support. This raises the risk of a rebound for the pair, although we are yet to see any such sign as it stands.

A move up through the $1.1477 level could bring about expectations of a wider retracement phase. However, we will ultimately require a rise through $1.1609 to bring about a more reliable bullish signal for pair.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD falls into 10-month low

GBP/USD has been on the back foot following a hesitant the Bank of England (BoE) rate decision, with the pair falling into a 10-month low. However, we are seeing the pair turn higher this morning, with the price heading towards the $1.3433 swing high.

A break up through that level would bring about an upward phase and potential retracement of the wider sell off from $1.3607. As such, keep a close eye out for whether or not we break $1.3433 as a key gauge of sentiment for the day ahead.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

AUD/USD downtrend continues despite early rebound

AUD/USD has similarly been regaining ground this morning, with the price moving up towards the $0.7311 swing-high.

A break up through that level would bring about expectations of a wider rebound. However, we are yet to see such a move, with the bearish trend in play until then.

AUD/USD chart Source: ProRealTime
AUD/USD chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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