EUR/USD, GBP/USD and AUD/USD rise off of weaker dollar

EUR/USD, GBP/USD and AUD/USD are gaining ground, as the dollar sell-off gathers pace.

EUR/USD consolidates in the wake of recent rebound

EUR/USD managed to rebound towards the end of last week, following on from a period of losses at the turn of the month.

A break through the $1.1286 resistance level would bring about greater confidence of a bullish phase coming into play, raising the likeliness that the wider April-present uptrend will return. Conversely, a failure to rise through $1.1286 would point towards a continuation of this consolidation phase.

EUR/USD chart Source: ProRealTime

EUR/USD chart Source: ProRealTime

GBP/USD rises into resistance after reaching key support

GBP/USD declined into the critical $1.2435 support level last week, with the pair regaining ground from there.

A break below that level would bring about a new two-year high, and a high chance of widespread losses for the pair. However, for now, we are seeing a short-term bullish phase come into play, in what looks like a retracement of the sell-off from $1.2783. Watch out for a decline through the most recent swing low (currently $1.2509) as a signal that the bearish trend is returning. Until then, there is still a good chance of further short-term gains to continue the recent rebound.

GBP/USD chart Source: ProRealTime

GBP/USD chart Source: ProRealTime

AUD/USD rallies into key resistance level

AUD/USD has rallied sharply since falling into the 61.8% Fibonacci support level, with the price heading towards the crucial $0.7048 level.

A break through that level would point towards the potential for a wider bullish picture emerging given the break through trendline resistance. However, given the break through $0.6956, there is still a chance we could turn lower before that $0.7048 peak is overcome. As such, watch for whether that occurs to inform the wider picture for the pair.

AUD/USD chart Source: ProRealTime

AUD/USD chart Source: ProRealTime


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