FX levels to watch: EUR/USD, GBP/USD and AUD/USD
EUR/USD, GBP/USD, and AUD/USD all gain ground. Could this be the beginning of a wider bullish phase?
Will EUR/USD rebound form start of bullish resurgence?
EUR/USD has been gaining ground overnight, with the pair moving into trendline resistance.
With the descending trendline and $1.1176 horizontal support level down below, there is a good chance that we will see this pair turn higher before long. This may be the beginning of that bullish shift, yet for greater confidence we would require a break through the $1.125 swing high.
GBP/USD surges overnight to remain within consolidation phase
GBP/USD had shown signs of a possible breakdown, with the fall below $1.3004 signaling a possible bearish phase coming into play.
However, with the price having since set two higher highs and a higher low, it looks as if we are likely to remain within the consolidation phase that has dominated the past month. With that in mind, a move lower looks likely before long, as the pair continues to form lower highs. A short-term move lower seems likely rather than a break through the $1.327.
AUD/USD rallies into deep retracement
AUD/USD has seen a sharp rise overnight following impressive retail sales and trade balance data from Australia.
The trend over the past two weeks has been one of lower highs and lower lows, which points towards a possible bearish turn coming into play from here. However, given the bullish sentiment provided overnight, a break through the $0.7132 resistance level could signal the beginning of a more bullish phase.
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