EUR/USD, GBP/USD and NZD/USD on the rise after recent dollar strength
EUR/USD, GBP/USD, and NZD/USD are on the rise, but questions remain over whether this will be long-lasting or fleeting in nature.
EUR/USD rises from key support level
EUR/USD has once again rebounded from the $1.1754 support level, with the pair pushing upwards as we head towards the weekend. However, with lower highs and flatlining lows established this month, there is a good case for expecting this current rise to falter once again.
Should this rally be a retracement, then the 76.4% Fibonacci resistance level at $1.1875 would look a good potential shorting opportunity. It is worthwhile noting that the wider bullish trend does still remain in play, yet the repeated return to that $1.1754 level does signal the potential for a top to be coming into play. A break through the $1.1917 level would be required to bring a renewed bullish outlook.
GBP/USD rises towards swing high
GBP/USD has been gaining ground as it pushes towards the $1.3035 swing high this morning.
The volatility seen yesterday highlights the potential for another bearish turn from here, with the short-term downtrend still in play unless we see a break through the $1.3035 swing high. As such, today's price action will be key, with the ability or inability to break through $1.3035 telling us a lot about where we go from here.
NZD/USD breaks into fresh 17-month high
NZD/USD has continued its rise, with the pair pushing through the $0.6790 level to bring about a fresh bullish signal.
The wider uptrend remains intact, with further gains looking likely before long. A break below the $0.6675 level would bring a more negative outlook, with a bullish view in play unless that happens.
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