EUR/USD, GBP/USD and AUD/USD likely to continue on bearish theme
EUR/USD, GBP/USD, and AUD/USD head lower, with intraday downtrend likely to continue as we reach multi-month lows.
EUR/USD continues to grind lower following latest breakdown
EUR/USD has been grinding lower over the course of the week, with the pair building on the later 61.8%, retracement to fall back below the prior low of $1.1772.
There is a good chance we will see another upward retracement before long, yet the bearish trend remains in place, the price breaks through the recent peak of $1.185. Until then, we look likely to see further weakness to build on the downtrend seen over the course of June and July.
GBP/USD tumbles into a fresh five-month low
GBP/USD has continued to lose ground over the course of the week, with the breakdown below $1.367 bringing multi-month lows for the pair.
The hourly chart highlights the construct of this trend, with lower intraday highs key to seeing the downside continue. With that in mind, another leg lower looks likely here, with a break up through the $1.3689 required to negate the bearish outlook.
AUD/USD heads lower after latest retracement
AUD/USD has been on the back foot once more this morning, with the pair heading lower from a deep retracement overnight. With the price hitting a fresh seven-month low, there is a good chance we have seen the pair top out.
With that in mind, it makes sense to utilise the intraday charts to follow the ongoing selloff. As such, a bearish outlook holds as long as price remains within a pattern of lower highs. Thus, while another upward retracement is likely before long, a bearish outlook holds unless the price rises up through the $0.734 resistance level.
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