FX levels to watch: EUR/USD, GBP/USD and AUD/USD
EUR/USD, GBP/USD, and AUD/USD are continuing to show signs of strength as they push towards key resistance.
EUR/USD showing initial signs of resurgence
EUR/USD managed to rebound into the $1.125 resistance level earlier in the week, pointing towards a potential bullish phase coming into play.
With the pair having rallied through the $1.1419 peak prior to the recent heavy sell-off, there is grounds to believe that we could reverse higher before long. As such, watch for a break through $1.125 to provide a bullish buy signal. Until then, there is a chance we could retrace further as we close out the week.
GBP/USD pullback brings bulls back into play
GBP/USD has been gradually trending higher over the course of the week, with both higher highs and higher lows in play within the wider consolidation zone that has dominated the past month.
This latest move looks no different, with the pullback seen yesterday pointing towards another leg higher from here. This short-term bullish outlook holds unless we see a break below $1.3013.
AUD/USD trading around crucial resistance level
AUD/USD is trading marginally below the crucial $0.7132 resistance level this morning, following an overnight surge.
The ability to break through that $0.7132 level would be key to providing a wider bullish outlook for the pair. Until then, there is also a chance that we reverse lower given the importance of this peak in maintaining the recent downtrend.
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