EUR/USD, GBP/USD, and AUD/USD eye bullish reversals
EUR/USD, GBP/USD, and AUD/USD are attempting to reverse their downtrends but need to confirm potential medium-term bullish trend reversals.
EUR/USD trades above resistance
On Friday, EUR/USD moved past the $1.0436 - $1.0460 resistance zone and closed above it, nearly reaching the mid-December high of $1.0534. If the pair surpasses this level, our medium-term outlook is likely to turn bullish.
Support can be found in the $1.0460 - $1.0436 range.
EUR/USD daily chart
GBP/USD probes resistance
GBP/USD's broke through its upper downtrend channel line at $1.2410, which now acts as support due to inverse polarity. This move is potentially bullish. If the pair rises above the 7 January high of $1.2576, we would shift our medium-term outlook to bullish.
The 55-day simple moving average (SMA) lies ahead at $1.2535.
GBP/USD daily chart
AUD/USD sits above resistance
AUD/USD nearly reached the 55-day SMA at $0.6333 which so far caps. If overcome, a medium-term bullish trend reversal may be in the making.
Support is seen at the 20 December $0.6274 high.
AUD/USD daily chart
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