EUR/USD, GBP/USD and AUD/USD at risk despite recent rebound
EUR/USD, GBP/USD and AUD/USD look at risk of another bearish turn after a short-term rebound.
EUR/USD consolidates after slump into 15-month low
EUR/USD saw plenty of downside over the course of the past week, with the pair slumping into a fresh 15-month low.
We are starting the new week with consolidation around trendline support, with a chance that we could soon build another upward retracement phase as a result. A push through the $1.1487 level would bring such a rebound into play. Until then, the sell-off remains in play as the price contends with trendline support.
GBP/USD rebound showing signs of weakness
GBP/USD has been attempting to regain lost ground of late, with the price on the rise on Thursday and Friday.
However, the bearish trend does remain intact unless the price pushes up through the $1.3607 swing-high. While the relatively shallow nature of this latest rally brings the potential for further upside here, a break back below 80 on the stochastic would bring risk of another bearish turn for this pair.
AUD/USD starts to regain ground after deep pullback
AUD/USD is on the rise once again this morning, following on from the rebound seen on Friday. The wider pattern of higher lows is worth noting given the latest fall back towards the 76.4% Fibonacci level ($0.7261).
With that in mind, there is a chance we see the pair push higher from here to continue that pattern. However, we would need to see a break up through $0.7431 to bring greater confidence that this rebound will persist. Until then, there is still a good chance of a bearish turn to continue the intraday pattern of lower highs and lows.
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