EUR/USD, GBP/USD and AUD/USD recovering lost ground
EUR/USD, GBP/USD and AUD/USD regain lost ground, but how long will the rebound last?
EUR/USD on the rise, yet risk remains of another move lower
EUR/USD has been on the rise over the course of the week, with the price tentatively pushing through the 76.4% Fibonacci resistance level at $1.1771.
With trendline resistance also coming into play here, there is still a good chance we could see the bears return. A break back below $1.1726 would bring greater confidence that the price is going to start turning lower from here. Alternatively, a rise through $1.1804 would point towards a wider upward move for the pair.
GBP/USD attempting to build on recent rebound
GBP/USD has been on the front foot over the course of the week, with the price rising back towards the confluence of $1.3786 and trendline resistance.
That recent rise comes after a deep retracement of the late-July rise from $1.3572, and we would need to see that level broken to solidify a bearish continuation signal. Until then, there is still a chance we see further ground regained, with the price starting to rise back towards this confluence of resistance around $1.3786.
AUD/USD rallies towards confluence of resistance
AUD/USD has similarly been regaining ground this week, with the price rising back into the 61.8% Fibonacci resistance level at $0.727.
With a wider bearish trend in place, there is a strong chance we see another move lower before long. The confluence of Fibonacci and trendline resistance thus provides us with a zone of resistance that should spur a new move lower for the pair. Ultimately, we would need to see $0.7381 broken to bring about a more confident bullish view for AUD/USD.
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