EUR/USD, GBP/USD, and AUD/USD start to ease back after latest gains
EUR/USD, GBP/USD and AUD/USD start to ease back in early trade, yet the possibility of further upside remains.
EUR/USD starts to rolls over after Friday surge
EUR/USD has been clawing back lock ground towards the back end of last week. However, that rise is starting to come under pressure this morning, with the pair looking to potentially create another fresh lower high here.
Price action throughout 2021 thus far has been dominated by the ongoing creation of lower highs, and there is risk of further downside until that pattern breaks. As such, the weakness we are seeing this morning could be indicative of a forthcoming period of downside, with a break through $1.2169 required to negate this bearish outlook.
GBP/USD easing back after latest rally
GBP/USD is easing back in early trade, following the latest push into multi-year highs towards the end of last week.
That provides another timely reminder of the ongoing uptrend in play here for the pair. With that in mind, short-term downside is simply viewed as another buying opportunity, with a bullish outlook in play unless the price breaks below the $1.383 swing low.
AUD/USD settles down after recent surge
AUD/USD surged into the highest level in almost three years, with a rise in commodity prices helping to drive outperformance for the pair. While we have seen a somewhat mixed start to trade today, the trend is clearly defined here.
Thus we are looking likely to see further upside before long, with any near-term weakness providing a potential buying opportunity. That bullish view holds unless $0.7724 is broken.
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