EUR/USD, GBP/USD and AUD/USD on the back foot once again
EUR/USD, GBP/USD and AUD/USD on the slide, with further short-term downside looking likely.
EUR/USD turning lower once again
EUR/USD has started to fade this morning, following a strong end to the week. The recent retracement phase appears to be over, with the price creating lower highs over the course of the past fortnight.
That points towards this latest rise being a likely short-term rise before the bears come back into play. With that in mind, another bearish phase looks likely from here, with a rise through $1.1616 required to bring about a more bullish view. To the downside, a break through $1.1514 is key in exiting this month-long period of consolidation.
GBP/USD turning lower once again, following BoE selloff
GBP/USD has been hit hard since last week’s Bank of England (BoE) meeting, with the price reversing all the gains seen throughout October. The pair is heading lower once again this morning, with the key $1.3412 support level providing a notable hurdle for the bears.
The wider downtrend seen over recent months does point towards a potential decline through that support level. While there will be limits to this decline, we are yet to see a signal that the bulls are coming back into play. As such, a break through $1.3516 would be required to bring about a more positive outlook.
AUD/USD weakness looks like retracement phase
AUD/USD has been losing ground over the course of November thus far, with the pair looking to be within another retracement phase given the bullish pattern seen since the August low.
Thus far we have moved back into the 50% retracement, signalling the potential for another bout of downside. However, whether it takes place here or at a lower Fibonacci support level, there is a good chance we soon see the bulls come back into play for this pair. A rise up through the prior swing high (currently $0.747) would bring a bullish reversal signal.
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