EUR/USD, GBP/USD and AUD/USD expected to gain further ground

EUR/USD, GBP/USD and AUD/USD expected to continue gaining ground, as the dollar falls back.

EUR/USD starts to fade, yet recent uptrend holds

EUR/USD has been fading in early trade today, with the pair coming off the back of a period of strength that saw a new two-month high created on Friday.

The recent break through $1.1111 brings about expectations that we could see further upside for the near term. Thus, while we are seeing some downside come into play here, it looks like a buying opportunity unless we see a break below the $1.1115 swing low.

EUR/USD chart Source: ProRealTime

EUR/USD chart Source: ProRealTime

GBP/USD falls back to trendline support

GBP/USD saw losses over the course of the weekend, with the failure to hold the meaningful vote denting sentiment over whether it would pass.

While we have seen the pound drift lower, it has dropped into the trendline support once more. That signals a likely bullish turn from here, with a positive outlook in play unless we see a break below $1.284.

GBP/USD chart Source: ProRealTime

GBP/USD chart Source: ProRealTime

AUD/USD continues its rebound, breaking through Fibonacci resistance

AUD/USD rallied into a fresh one-month high on Friday, with the pair rising through the final 76.4% Fibonacci retracement.

That break points towards a high possibility that we have bottomed out, with hopes for a US-China trade deal really boosting sentiment around the Australian dollar. We would need to see a break through $0.6895 to bring about greater clarity that this market is due a wider bullish phase. Nonetheless, further upside does seem likely, with a break below $0.6814 required to negate this current short-term uptrend.

AUD/USD chart Source: ProRealTime

AUD/USD chart Source: ProRealTime


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