EUR/USD, GBP/USD and AUD/USD all under pressure
Risk aversion dominates in early trading, as Wednesday’s gains fizzle out and sellers take charge.
EUR/USD struggles as USD strengthens
The continuation of the rally here is in jeopardy as the price of EUR/USD struggles to hold any of the gains made yesterday. A renewed decline below $1.177 would put the sellers in charge and open the way to additional downside.
Buyers will be hoping the price recovers today and moves on above Wednesday’s high above $1.183.
GBP/USD falls back from Wednesday high
Here too the gains of Wednesday with GBP/USD have been reversed. There appears to be little desire to push on above $1.385, with the result that the bullish view has continued to weaken.
The price has not yet conclusively rolled over, so the bearish view has not yet taken pre-eminence, so for now a neutral outlook prevails.
AUD/USD under renewed pressure
AUD/USD continues to give back the gains made in the second half of August. After a small bounce yesterday the sellers are in charge once again, and it looks like further declines towards $0.72 are likely.
Bulls need a rally back above $0.74 to revive the bullish view.
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