EUR/USD, GBP/USD and AUD/USD continue to gain ground, with further upside likely
EUR/USD, GBP/USD and AUD/USD continue to gain ground, with the Australian dollar breaking resistance to highlight expectations of further upside.
EUR/USD continues its recovery as it moves towards key resistance
EUR/USD has been on a consistent uptrend over the course of the past fortnight, with the price rising up through the 76.4% Fibonacci resistance level of $1.186 to bring about a bullish continuation signal. A push up through $1.1908 would bring a wider bullish picture into play, with the wider bearish trend in play until that occurs.
However, with the price having moved through all Fibonacci resistance levels, there is a good chance we will see the price move into that key peak. As such, a bullish short-term view is in play unless we see the price fall back below the likes of $1.1834 and $1.1794.
GBP/USD pushes higher as it regains lost ground
GBP/USD has similarly been on the rise, with dollar weakness helping to lift cable into a two-week high overnight.
The price is easing back this morning, yet the short-term uptrend remains intact unless the price breaks below the $1.3731 swing-low. Until that happens, there is a good chance we see the bulls come back into play once again before long.
AUD/USD breaking key resistance to end wider bearish trend
AUD/USD has been the outperformer of late, with the pair rising up through the crucial $0.7426 resistance level this morning.
That break marks an end to the wider trend of lower highs, signalling the expectation of further upside to come. A break below the $0.7356 level brings a more bearish short-term picture, with a bullish outlook remaining in play until that happens.
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