EUR/USD, GBP/USD and AUD/USD stabilize after recent losses
EUR/USD, GBP/USD and AUD/USD stabilize after a period of declines, but will we see the price reverse upwards or maintain the bearish trend?
EUR/USD on the rise from key support
EUR/USD has started to regain ground after falling back into the March low of $1.1704. The recent trend of lower highs does still remain in play, unless the price rises through the $1.1909 resistance level from late-July.
With that in mind, there is a risk we could see the pair falter once again. Ultimately, the outlook will become clearer once the price breaks through either $1.1704 or $1.1909. Until then, we could see further short-term upside, yet Fibonacci resistance at $1.1831 and $1.1861 provides the key resistance levels to note up ahead.
GBP/USD rising back towards notable resistance
GBP/USD has been on the slide over the course of the past fortnight, with the pair seemingly providing a retracement phase in the wake of the rise through $1.391 resistance.
That break points towards us reversing upwards before long, with an end to this intraday trend of lower highs key to that happening. As such, a break through $1.3888 would bring about a fresh bullish signal for the pair. There is still a good chance of further downside unless the price breaks through $1.3888. Should we see the price rise through that level, it would provide a signal that we will regain a more bullish footing once again.
AUD/USD continues to remain at risk as the price consolidates
AUD/USD has been consolidating for much of the past month, with the recent trendline break simply leading us into another period of sideways the price action.
The subsequent respect of 61.8% Fibonacci resistance around $0.7384 does highlight the potential for another breakdown from here, with a move through $0.7316 bringing greater confidence that we are set for another breakdown for this pair.
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