EUR/USD, GBP/USD and AUD/USD tumble amid strong dollar
EUR/USD, GBP/USD and AUD/USD declines continue, with AUD/USD breaking into multi-year lows.
EUR/USD momentum slowing after downtrend
EUR/USD declines have started showing signs of easing, with the price rising through the top of the recent descending standard deviation channel.
This recent consolidation could just play out as a sideways period following on from this consistent selloff. However, there is also a good chance we are due a rebound as we retrace some of that previous weakness. Look for a break through 1.0821 to bring about a more bullish view for the short term. Until that happens, there is a good chance we could just head lower once again to continue this current bearish trend.
GBP/USD heading lower after overnight gains
GBP/USD has been on the rise overnight, with price pushing into a deep retracement zone.
That zone between the 61.8% and 76.4% Fibonacci levels is important here, with the recent bearish trend likely to come back into play. A break through the 1.2925 level would be required to negate the current short-term bearish outlook.
AUD/USD selling ramps up
AUD/USD has seen the selling ramped up after breaking below the critical 0.6671 support level.
That break below key support provides us with a signal of further losses coming into play, and those declines have been consistent in nature. With that in mind, further downside looks likely from here, with a break through 0.6624 providing us with a tentative sign that this decline could be slowing down. However, we would need to see a break through 0.6655 to bring about a more confident view that this decline is over for now. Until then, further declines look likely.
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