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EUR/USD, GBP/USD and AUD/USD gain ground in early trade

EUR/USD, GBP/USD and AUD/USD on the rise, but questions remain for the Australian dollar despite hawkish RBA stance.

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EUR/USD awaits breakout from continuation pattern

EUR/USD is trading within a pennant formation, with the pair pausing after the gains seen last week.

To the upside, we do need to keep an eye out for a potential break through the $1.1897 level as a signal that we are set for another leg higher. Meanwhile, a drop back below $1.185 would point towards a deeper pullback coming into play.

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

GBP/USD turning higher after 76.4% pullback

GBP/USD has started to regain bullish momentum following a retracement into the 76.4% Fibonacci level at $1.3876.

The ongoing uptrend points towards a bullish session ahead, with a positive outlook in play unless the price drops below $1.3843.

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

AUD/USD back into confluence of resistance

AUD/USD has been on the rise overnight, with a hawkish Reserve Bank of Australia (RBA) stance bringing gains for the Australian dollar.

However, that takes us into the confluence of 61.8% and trendline resistance. With the trend of lower highs in place, this recent grind higher still looks like a potential precursor to further weakness unless the price breaks up through the $0.7503 swing-high.

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. 70% 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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