EUR/USD edges higher, GBP/USD falls back and AUD/USD moves sideways
A revival in risk aversion has hit GBP/USD, while the Aussie dollar is struggling to make headway against the greenback.
EUR/USD still in uptrend
The rally continues for EUR/USD, although a firm move through the $1.136 peak still eludes the price. If a higher low is created today then we may see a fresh push higher that once again challenges the recent highs.
A move below $1.13 would indicate a move back towards the $1.126 low from last Friday, which would start to indicate a more bearish view is beginning to prevail.
GBP/USD rally stumbles
The bounce for GBP/USD is finally seeing some real weakness, as the price drops below last Friday’s higher low and pushes down towards $1.25.
A rebound from oversold levels may create a lower high and a possible selling opportunity, although a rebound back above $1.26 and the 50-hour simple moving average (SMA) would revive the bullish view.
AUD/USD moves into sideways pattern
AUD/USD has shifted from uptrend mode into a consolidation pattern, with rallies towards $0.70 hitting resistance but support holding around $0.693.
A decisive break either to a new higher high or below support to a new low is required to establish a new direction.
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