EUR/USD, GBP/USD and AUD/USD roll over after latest retracements
EUR/USD, GBP/USD and AUD/USD reverse lower once again, with dollar demand driving bearish reversals after recent upside retracements.
EUR/USD rolling over after shallow retracement
EUR/USD is on the back foot once again, as a sell-off in risk assets drive demand for the dollar. The latest retracement only amounted to a mere 38.2%, with the pair subsequently heading back down into the $1.1563 lows established last week. A break below that level brings about a fresh sell signal, with further downside likely in either case.
A break through the $1.1755 level would be required to negate that bearish view. However, that figure changes to $1.164 if we manage to break this $1.1563 support level.
GBP/USD turning lower following deep pullback
GBP/USD has started to reverse lower once again this morning, with the risk-off sentiment driving this pair back below the $1.3584 level. Coming off the back of a move that saw the pair rise up through the 61.8% Fibonacci resistance level, we are now seeing the bears back in charge.
As such, keep an eye out for further downside from here, with a bearish view in play unless the price breaks through $1.375.
AUD/USD rolling over once again
AUD/USD has similarly managed to rise into a deep retracement, with the pair getting close to the key $0.7316 level. Nonetheless, that resistance level was not broken, and the price instead turned lower from trendline resistance.
The move below $0.7249 brought about a fresh bearish signal for the pair, with another bout of losses expected here. That view holds unless we break through $0.7316 resistance.
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