EUR/USD, GBP/USD and AUD/USD fall into key support
EUR/USD, GBP/USD and AUD/USD drift lower, yet key support levels stand between this consolidation and another sharp decline.
EUR/USD turning higher from trendline support
EUR/USD has declined into trendline support overnight, with the pair now beginning to gain ground once again. Yesterday's rally took the pair into the $1.1025 resistance level, providing two further touches before turning lower.
With the price having declined back into trendline support, the key signal we are looking for is a break through either the $1.1025 resistance level or below the $1.1007 support level. Given the wider trend, there is a strong likelihood that such a break will come to the downside. However, until that break happens there is also a good chance that we will begin to turn higher following this overnight pullback.
GBP/USD breaking lower, as polls begin to tighten
Tightening election polls have been driving GBP/USD lower, with the pair managing to break below the trendline support this morning. That points towards a likely break below the next support level of $1.2825, with 76.4% Fibonacci support below there.
Should we break both those levels, it would begin to look as if we are going to head into the $1.2769 region to negate the recent break through $1.2976.
AUD/USD consolidates after hitting key support
AUD/USD has declined back into the $0.6769 support level this week, with the pair fleetingly creating a new one-month low on Monday. The continued consolidation above that level highlights the need to await a breakout from this current zone.
A break through the $0.6799 resistance level would provide us with a bullish outlook, while a decline below $0.6769 would provide a bearish continuation signal.
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