EUR/USD, GBP/USD and AUD/USD decline into critical support levels
The dollar is coming back into prominence, with EUR/USD, GBP/USD and AUD/USD all falling towards crucial bearish breakdown levels.
EUR/USD approaching key support level
EUR/USD saw a sharp decline in the second half of the week, with the price declining towards the crucial $1.1263 support level.
The lows we have seen thus far tally up roughly with trendline support and the 76.4% Fibonacci retracement. However, with the price consolidating in a similar manner to that seen yesterday, a break below the $1.1268 low would look likely to bring a move back into that critical $1.1251 swing low. Such a move would bring about a wider bearish picture, yet until that occurs the uptrend remains intact.
GBP/USD looking at risk of bearish reversal amid decline into key support
GBP/USD has declined towards the crucial $1.2653 level, in a move that could pave the way for another significant decline for the pair.
With the recent rally failing to push through the $1.2763 swing high, a decline below the $1.2653 level would pave the way for further downside from here.
AUD/USD breaks key support as the pair continues to come under pressure
AUD/USD has continued its decline, with the breakdown below $0.6963 providing a bearish signal that has played out throughout this week.
The break below $0.6898 provides us with a signal that points towards a wider bearish picture coming back into play. With the price seemingly trading within a falling wedge pattern, a rise through $0.6918 would bring expectations of a short-term rebound. However, until that happens further declines seem likely.
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